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The average age of a firsttime buyer has climbed from 29 to 34 since 1994/95. According to the latest data from Skipton Group's Home Affordability Index, just 6% of firsttime buyers are now aged under 25 - down from 23% in the mid1990s.

The profile of firsttime buyers is also shifting in other ways. Over the past decade, the proportion of first-time buyers with children has fallen from around a third (34%) to a quarter (25%). At the same time, reliance on multiple incomes has increased, with 52% of recent firsttime buyers now using two or more fulltime salaries, compared with 40% in the 1990s.

Charlotte Harrison, CEO of home financing at Skipton Building Society, said: "Firsttime buyers are already facing a market that looks very different to previous generations, and the prospect of further mortgage rate rises adds an extra layer of difficulty on top of existing affordability pressures.

"While conflicts overseas may feel far removed from the UK housing market, they can increase uncertainty in global financial markets, push up funding costs for banks and lenders, and ultimately feed through into higher borrowing costs for homeowners.

"That makes it even more important for lenders to continue innovating, particularly when market conditions are challenging."

She added: "By evolving products, improving flexibility and finding new ways to support customers, the industry has a vital role to play in helping keep homeownership accessible at different life stages.

"Although higher rates may test affordability in the short term, there will still be opportunities for firsttime buyers in the months and years ahead.

"Continued innovation and support will be key to helping people navigate these pressures and take their first step onto the property ladder."

It comes after research of 2,000 aspiring firsttime buyers found 79% would be willing to compromise in order to get onto the property ladder. Outdoor space was the most common tradeoff. Others would compromise the type of property - such as choosing a flat over a house - or the condition of the home.

Nearly three quarters (72%) went on to say they would consider moving further afield if it helped them buy their first home, according to the survey carried out by OnePoll.

On average, these respondents said they would be willing to relocate around 12 miles from their preferred location, while 7% would consider moving more than 40 miles away.

This willingness to compromise may be linked to timing, as 52% of aspiring buyers said they are already purchasing later in life than they had originally hoped.

Aneisha Beveridge, research director for Connells Group, the estate agency and property services provider, which is part of the Skipton Group, said: "It's not just affordability pressures that have pushed the average age of a first-time buyer higher.

"Demographic changes are increasingly at play too, with more people staying in education for longer, entering the workforce later, and reaching other life milestones - like settling down or starting families - later in life too.

"For renters, strong rental growth in recent years has made saving even harder," she added. "Together, these structural trends have reshaped when people are able to step onto the ladder.

"Our analysis shows that a typical first-time buyer purchasing in 2026 will still be paying off their mortgage at around 65 - roughly six years later than the average household finishing their mortgage term today.

"Longer terms are helping buyers manage monthly costs in a higherrate environment, but they also mean more people will be repaying into later life."