Thu 20 Apr 2017
More than half of aspiring first-time buyers are hopeful of getting on the property ladder within the next four years but are likely to reach the milestone at a later age than they initially expected, research suggests.
A poll of 1,000 people looking to buy their first home by conveyancer My Home Move, found 57% felt “hopeful and confident” about their chances of getting on the property ladder by 2021.
When asked by what age they thought they would buy their first home when you were growing up, the majority (27%) answered age 25 or 30.
The research then suggests there has been a missed generation of homeowners as many of the respondents who thought they would get the keys to their first home between age 25 to 30 were now in their late 30s, 40s, 50s and in some cases 60s.
When questioned how they expected to afford their new home, 72% said they were saving for their deposits themselves; however, they also expected to need additional support from friends, family and the Government.
Doug Crawford, chief executive of My Home Move, said: “For many Brits the idea of home ownership is still the thing they aspire to the most.
“It offers security and a sense of achievement in a world that can be fractured and stressful. Of those we surveyed, over a quarter expected to be home owners by the time they hit their mid-twenties, but unfortunately the reality is very different.
“Our findings showed that we have a ‘missed generation’ of first-time buyers, those who are now into the 30s, 40s, 50s and even 60s, who are still struggling to get on the property ladder.
“Having grown up in the 1970s and 1980s, when home ownership figures overtook that of renting for the first time, it’s not surprising that these children believed they too would be home owners in their twenties.”
Source: Property Industry Eye