Around one in five first-time buyers have at least one dependant, in signs that more people getting on to the housing ladder already have families, according to Santander.

Some 20% of first-time buyers in 2023 had at least one dependant, up from 10% in 2009, fresh data from the bank reveals.

One suggestion for this change is the increasing average age of first-time buyers, with one-in-five buyers now over the age of 40, according to Santander customer data. Customers buying a home later in life may be more likely to have started a family or be caring for older parents in their home.

According to the Office for National Statistics, in 2022 the average first-time buyer was 36 years of age, an increase of four years compared to 32 in 2004.

Graham Sellar, head of business development, mortgages at Santander, commented: “Buying your first home is one of life’s major milestones.  With the average age of first-time buyers increasing in the past two decades, it seems more buyers are reaching other key moments, such as having children, before getting their foot onto the property ladder.

“We know that for families who are juggling finding a suitable property in an area with access to good local schools, against the costs of bringing up children such as childcare, saving for a dream home can prove challenging.”