Average first-time buyer age to rise to 43

Redrow's Steve Morgan highlighted the difficulty first-time buyers face securing mortgage funding, laying the blame firmly at the door of the European regulator, rather than UK lenders. "We are not blaming the banks," he said, "this comes down to Basel II and the restrictions on their balance sheets." Morgan said the fact the average age of a first-time buyer with no parental assistance had already reached 37 years old was a ‘sad reflection' on the situation. He quoted the latest report from the National Housing Federation suggesting this will increase to 43 years of age for today's 2...