First-time home buyers are going through mortgages for an average of 31 years, as the affordability of the home remains high.

Ten years ago, the average mortgage term for those who bought their first home was 28 years, according to data from funds from UK bank trade institutions.

Higher mortgage rates prompt people to borrow longer to make monthly repayments as low as possible.

Although mortgage rates have recently dropped, there is no sign of a drop in these terms again.

Lenders tend to allow mortgage terms up to 40 years.

These are popular among first-time buyers, many of whom are extending their financial position to allow them to buy real estate in their 30s.

This means mortgages have extended average maturity in 2022-23 and have not really dropped since.

While many young homeowners choose these long-term mortgage terms to make repayments easier to manage, they may opt for shorter terms in the future if their salary increases or moves.

British Finance said the amount they initially spent on mortgages was still high.

"Even if interest rates drop, this affordability measure has not been greatly mitigated, and rising home prices can largely offset any reduction in payments through lower interest rates," its household financial review said.

First-time home buyers are many who are eager to complete their property purchases before the stamp duty changes on April 1.

Temporary changes to the threshold in 2022 resumed in April. This means that property buyers in England and Northern Ireland are now buying homes for over £125,000. First-time home buyers pay for homes purchased for over £300,000.

UK financial data shows that compared with the same period last year, the number of property completed was much higher in the first three months of the year.

This peaked before the March deadline, when first-time buyers completed 113% higher than the same period last year. During the same period, existing homeowner completions soared by 140%.

However, the data indicate that after the deadline, and there will be a big drop.

Mortgage approval for home purchases is an indicator of future borrowing, down for the fourth straight month, according to the latest data from the Bank of England.

This reflects some of the affordability challenges faced by new buyers.

However, various commentators believe that the UK housing market still has some momentum, mainly due to the low unemployment rate.

"Although economic uncertainty in the global economy is wider, potential conditions for potential home buyers in the UK remain supportive," said Robert Gardner, chief economist nationwide.

House prices rose 0.5% in May after a slight decline in April. It said property values ​​increased by 3.5% from last year, meaning that the average home cost £273,427.