The number of people climbing on to the property ladder in their 50s or later has jumped in recent years, new data reveals. 

Financial Conduct Authority data shows the number of first mortgages taken by people over the age of 51 soared between 2020 and 2024, the last full year for which figures are available, as buyers struggle with house prices and affordability. 

On an annual basis, over-51 first-time buyers took out 5,511 mortgages to buy a home in 2020, compared to 7,865 in 2024, a 43 per cent rise. 

Over the entire period, there were 55,639 homes bought by people in that age group. The figures do not account for those buying a home without a mortgage, and the data groups included are 51 to 55 and 56-plus. 

According to analysis of the FCA data by mortgage and savings platform Tembo, those buying their first home aged 41 or older have risen by an average of 10.5 per cent per year since 2020. 

The first-time buyer market as a whole increased by an average of 2 per cent per year in that time. 

Over-40s now account for 16.4 per cent of the market, Tembo added. It thinks that by 2030, around 89,000 first-time buyers will be over the age of 41 representing a quarter of the market. 

It estimates there will be around 19,000 over-50 buyers by that time, accounting for 5 per cent of all first-time buyers. 

It comes as the Treasury is set to scrap the upper age limit on the updated version of its savings account aimed at first-time buyers. 

This week, it announced a consultation on a replacement for the Lifetime Isa savings account. The new account will also give savers a Government 'bonus' on the money they put away, and is set to be available from 2028. 

A key difference is that anyone over the age of 18 will be able to open the new account, unlike with the Lisa which cuts off to new applications at 40. 

Lisa savers can then keep contributing until the age of 50, but with the new account there is no upper age limit. 

There are a range of factors driving up the age of the average new homeowner. 

House prices have risen rapidly in recent decades, although growth has recently slowed. 

The price of the average property fell 0.1 per cent in May, according to Halifax, meaning it now costs £298,806. 

According to Nationwide data, the typical home cost 5.6 times average earnings in the first three months of 2026. This was down from its recent peak of 6.9 per cent in late 2022, but still more than the 2 to 4 times ratios of the 1990s. 

Mortgage lenders also carry out tougher affordability checks than they did in the past, meaning it can be harder to get approved for a loan based on an assessment of your salary and spending.  

Lifestyle changes are also behind the shift. Milestones such as getting married and starting a family are coming later in life, meaning buying a property is also delayed.  

In addition more people are buying a property solo, rather than with a partner, which often requires them to save up longer for the required deposit. 

They may also need to hold off buying a home until their income is high enough to pay the mortgage alone. 

Tembo's analysis found that London had the highest proportion of over-51 first-time buyers, making up 5.56 per cent of the market in 2024. This was followed by the North East at 4.81 per cent. 

The East of England had the lowest proportion of over-51 first-time buyers at 2.82 per cent. 

Richard Dana, founder and CEO of Tembo, said: 'Homeownership in the UK is shifting later and later in life, and this data shows just how quickly that change is happening. 

'A near-50 per cent rise in first-time buyers over 50 isn't a lifestyle choice, it's the result of affordability pressures building year after year. People are taking longer to save, longer to earn enough, and longer to feel confident they can make homeownership work.'

It also noted that shared ownership was becoming increasingly popular with older buyers. 

This is where someone buys a share in their home of at least 25 per cent while paying rent on the rest, usually to a housing association. They can then increase their share of the property over time. 

Between 2023 and 2024, the proportion of shared ownership homes purchased by buyers aged over 51 rose from 14.8 per cent to 17.4 per cent.