Three Midlands towns where houses are so affordable that the average first-time buyer is just 27 years old have been identified, according to a new analysis by Lloyds Bank. The study examined the average price paid by first-time homebuyers across various local areas in the UK.
Affordable pockets for first-time buyers
With affordability remaining a significant challenge for many aspiring homeowners, the findings highlight areas where entering the property market may be more attainable. While the national average age of a first-time buyer in the UK now stands at 32—two years older than a decade ago but unchanged over the past year—in South Staffordshire, Staffordshire Moorlands, and Cannock Chase, the average age is just 27.
Lloyds launches £5,000 deposit mortgage
The revelation comes on the same day Lloyds opened applications for its new mortgage requiring only a £5,000 deposit. This product is available on homes priced up to £300,000 and is designed to assist first-time buyers who might otherwise struggle to raise funds without family financial support.
Eligible buyers who have saved a minimum of £5,000 without family assistance can borrow up to £295,000 on properties worth up to £300,000, subject to a maximum borrowing limit of 4.5 times their income. The mortgage is currently offered with a five-year fixed rate of 5.89% and terms extending up to 40 years. There are no product fees, and the scheme is open to both employed and self-employed applicants.
Expert advice for aspiring homeowners
Amanda Bryden, Head of Mortgages at Lloyds, commented: "Our research shows there are still genuine pockets of value for first-time buyers, particularly for those with an open mind who are willing to be flexible on location and property type. With ongoing cost of living pressures and wider economic uncertainty, it is completely understandable that some people are feeling cautious. But there are opportunities out there, and for many buyers, that flexibility can make a real difference."
She added: "What matters most is finding a mortgage that works for your own budget and circumstances, not just today, but over the long term. Lower deposit options, such as our new £5,000 deposit mortgage, could help some people get on the ladder years earlier than they might expect. Speaking to a mortgage expert early can help. It gives you a clearer picture of what you can comfortably afford, and the confidence to make choices that feel right for you, whatever the wider market might be doing."
