Perhaps not surprisingly, and according to Lightstone statistics, the age cohort of home buyers reflecting growth in numbers since 2018 are those between 36 and 49 years – the largest group of purchasers, while those from 50-64 are also very active buyers and investors.
“That said, the appetite for home ownership continues to rise among young first-time buyers. According to ooba Home Loans, the demand for mortgages from first-time buyers has again strengthened, having risen above 50% - to 51% in September 2024 - for the first time since February 2023. This is the third consecutive increase in demand from first-time buyers.
“Meanwhile the percentage of sales accounted for by buyers from 26-35 years has declined, falling from 31% in 2018 to 26% during the first half of 2024 and impacted by the interest rate hikes in the wake of the pandemic, which resulted in a deterioration in affordability, compelling first-time buyers to wait longer before making their initial purchase.”
“Retirees and those 65 years plus have seen a slight increase from 6% to 8%, probably due to downsizing due to life stage, relocating to be closer to family, or purchasing within a retirement development – particularly those which have high appeal due to lifestyle and security factors such as a large estate like Val de Vie which offers various options, including assisted living if required in the future,” says Dr Golding.