References

In 1980, average house prices were: £22,676

http://www.economicshelp.org/blog/5709/housing/market/

As of May 2017 the average house price in the UK is £220,713

http://landregistry.data.gov.uk/app/ukhpi

The median average wage UK as calculated by our Salary Calculator is £27,000.

https://www.incometaxcalculator.org.uk/average-salary-uk.php

Britons got by on an average wage of £6,000 (1980)

http://www.telegraph.co.uk/finance/recession/4323171/UK-recession-Life-in-Britain-in-1980.html

The average first-time buyer deposit has more than doubled over the past decade from £15,168 in 2006 to £32,321 in 2016

London’s rise with deposits leaping 276% from £26,701 to £100,445

http://www.mortgagesolutions.co.uk/news/2017/01/13/average-first-time-buyer-deposit-doubles-32000/

The research tracked the average age of first time buyers since 1960, finding that those who bought their first home in the early 1960s were on average just 23 years old² – significantly lower than today’s expected average age of 353.

http://www.royalmailgroup.com/35-years-old-average-age-first-time-buyers-expect-join-housing-ladder

The average age of a first-time buyer is 30 years old; up from 29 in 2011. Regionally, the average age of a first-time buyer is highest in London, at 32 years old.

https://static.halifax.co.uk/assets/pdf/mortgages/pdf/halifax-first-time%20buyer%20review-13-january-2017-housing-release.pdf

The reduction in the numbers of first time buyers has subsequently had an impact on the age of homeowners. In 1991, 67% of the 25 to 34 age group were homeowners. By the financial year ending 2014, this had declined to 36%

http://visual.ons.gov.uk/uk-perspectives-2016-housing-and-home-ownership-in-the-uk/

According to research from Post Office Mortgages, over a third of homeowners here expect to be well into their 60’s before paying their mortgage off in full, compared to a generation ago when the average age was 51 years old

https://www.ft.com/content/41700a54-5337-11e6-9664-e0bdc13c3bef?mhq5j=e1

The amount of mortgage debt held by over 65s is predicted to rise from £20.1 billion to £39.9 billion by 2030, a study by the International Longevity Centre-UK (ILC-UK), supported by the Building Societies Association (BSA) found.

http://www.landc.co.uk/insight/2017/05/mortgage-debt-for-the-over-65s-on-the-rise/

The number of people aged 100, or over, has quadrupled over the last two decades, according to Office for National Statistics figures for 2015.

http://www.bbc.co.uk/news/education-37505339

Borrowing into older age is set to become increasingly common, according to a new report, with several lenders already showing a more flexible approach to people in their 60s and 70s.

http://www.landc.co.uk/insight/2017/05/mortgage-debt-for-the-over-65s-on-the-rise/

P6

We did not find evidence that the rules have prevented firms lending responsibly across particular groups, for example older borrowers and the self-employed except in one niche area of lending that we’ve taken steps to address. We have come to this view based on:

• market data which shows there has been no obvious decline in lending to these customer groups post-MMR

However we are especially mindful that older consumers represent an increasing proportion of the UK population and it is important that the mortgage market continues to develop a range of products that can meet their needs. Lending to older borrowers will be included in our wider strategy work on the ageing population following our recent discussion paper.7

P8

Our rules do not prevent responsible lending to older borrowers and the selfemployed.

https://www.fca.org.uk/publication/thematic-reviews/tr16-04.pdf

But one less well-known figure is particularly notable. It relates to the rapid growth — 34 per cent last year — in the popularity of so-called equity release mortgages. This corner of the market is still relatively small at less than £2.2bn last year. (The US “reverse mortgage” market is five times the size.) But now that big operators including Legal & General, Santander and Nationwide are seeking to challenge the dominance of Aviva, growth looks set to accelerate strongly, with some predicting a £20bn market.

https://www.ft.com/content/50412c3c-7066-11e7-93ff-99f383b09ff9