Is The Younger Generation Prioritising Property Buying?
There is no denying that the average age of first-time buyers in the United Kingdom is getting older. This isn’t a surprise or a shock. With property prices rising, many younger people have found themselves priced out of the property market, unable to raise the funds required to pay for the deposit.
Unless people have support from family members, it can be difficult to be in a position to afford to buy a home at a young age. Therefore, there is a need for the younger generation to start the saving process as early as they can, but of course, this isn’t a top priority for many people at a young age. There are many temptations in life and you can forgive people for having a good time as opposed to saving money, even if some people will look back on this decision with regret later in life.
The younger generation are making sacrifices
A recent study, carried out by an online mortgage broker, spoke to 2,000 borrowers and they looked at the level of sacrifice that younger buyers were willing to make in order to save for the deposit.
It was found that 16% of millennials, people who are aged 18 to 34 moved back to live with their parents in order to save money. Depending on a person’s circumstances and relationship with their parents, this may represent a significant sacrifice and anyone who did this is clearly keen to get on the property ladder.
By comparison, only 5% of people from Generation X, aged between the age of 35 and 54, took steps to move back home with their parents to save the money needed for a deposit.
Saving money is crucial for younger generation
Another answer that indicated many people are willing to work hard to get on the property ladder was found with the fact that 17% of millennials took on a second job to help them save money for a deposit.
It was also found that some people in the 18 to 34 age-group were willing to delay their love life in order to improve their chances of finding a home. This group was found to be twice as likely to delay entering a romantic relationship, with the aim of saving money, than people from previous generations. This group was also three times more likely to delay getting married in comparison with an older generation while it was found they were 3.5 times as likely to sell a vehicle to help them save money.
These findings suggest that many young people want to own property and that they are willing to take the appropriate action that will help them save cash. However, there is also no denying that the economy and landscape of the property market have changed considerably in recent times, so anyone looking to buy a home has to work harder and save more diligently.
At Easy Let & Sale, we know the hard work and sacrifice that many buyers make when selling a home, but we also know that vendors face many challenges. Whatever your next move in the property market is, our estate agents in Brighton and our estate agents in Hastings can help you. Contact Easy Let & Sale and we will do our best to assist you.