British people are buying their first homes at the age of 36, hitting their peak earnings at 47 and paying off their mortgages by 61, according to data from the Office of National Statistics.
As house prices continue to increase faster than incomes, homes are becoming less affordable for UK residents, meaning the average homeowner is now 36 years old rather than the 32-year-old average back in 2004.
Despite house prices rising faster, between 2013 and 2022 the average age has remained the same, highlighting the rise of longer mortgages.
Another trend is that the proportion of people receiving help from friends and family has increased, sometimes known as the 'Bank of Mum & Dad'.
Roughly 36% of recent first-time buyers had used gifts from family or friends and 9% used inheritance, compared to 20% for family and friends two decades before or 3% for inheritance.
"This leaves people who do not receive financial gifts or inheritance at a disadvantage when trying to buy a home," ONS said.
Brits are hitting their peak earnings by 47, with average wage reached £18.78 per hour in 2023.
The average for peak earnings has risen from 38 years old in 2013 to 40 years in 2018 before jumping to the new level post-pandemic.
Median earnings fall after age 50, before retirement, but this does not mean that individuals’ pay will decrease, ONS said, as higher earners may retire early, and people may change roles and hours worked.