Financial planning and advice could shave five years off the average first-time buyer age, according to the Iress Financial Readiness Index.
On average, prospective buyers expect to purchase their first home at 38.7 years, while the average first-time buyer age could be as low as 33 if they engage with financial planning and advice sooner.
The Index also shows that one in three (29%) first-time buyers expect to buy their first home after the age of 40. With only 16% of prospective first-time homeowners actively saving to buy a home, Iress said it shows many individuals anticipate delayed entry into home buying and are deferring their preparation to buy their first home.
Meanwhile, less than half (46%) of those who have bought a property sought advice from a financial adviser.
Jennifer Rafferty, managing director for UK sourcing at Iress, said: “Homeownership is often seen as something that happens later in life, but our research suggests many people could be closer to getting on the property ladder than they realise.
“At the same time, we recognise the significant pressures first-time buyers are facing, from rising house prices to reduced product choice and increasingly complex affordability requirements.”
Rafferty said advisers have an important opportunity to engage clients much earlier in their home buying journey.
She added: “With access to the widest range of products and when supported by technology that helps them assess affordability, compare options, identify suitable outcomes more efficiently and even submit mortgage applications faster, brokers are in a strong position to help buyers understand what may be achievable in today’s market and secure the best outcomes on their behalf.”
