A new study has revealed that Generation Z are prioritising buying homes, particularly over other luxuries such as holidays. According to the study by Halifax, 59% of 18-21 year olds believe that it is very important for them to own their own home, with approximately 25% of those within that age range expecting to own a home by the age of 25. The study also found that 23% of males between 18 and 21 believe that a deposit of £5,000 to £10,000 will be enough to secure their first home, whilst just 5% of females in the same age category agree.
In another survey, conducted by Countryside, it was found that 66% of those under the age of 24 and currently renting suggest that they are already saving towards purchasing their own home. As part of the survey, it was also found that 92% of 18-24 year olds surveyed are hoping to make use of the ‘Help to Buy’ scheme before the deadline in November 2019. It appears that Generation Z have a significant desire to own their own property, whilst understanding that the current times mean that they may need additional help in order to do so.
First-Time Buyers in the UK
The Countryside survey suggests that more young people are hoping to own their own property, with people as young as 18 years old already saving towards their first home. The demographic for those buying their own home has become younger and more independent, meaning that the idea of people being stuck in the world of renting may carry less substance in the future. It is also thought that the younger generation may be considering buying a new build property, much more than ever before, with lower additional costs being the main driving force behind this.
The Regional Sales and Marketing Director for Countryside, Deborah Hughes, said: “Help to Buy has been an incredible fast track for first time buyers across the country and, with 2020 fast approaching, the next two years will be critical for younger house hunters. Here at Countryside, we’ve experienced a high volume of young professionals and families securing their first homes through the scheme – for example, in 2017 64% of our buyers in the North West were first time buyers and many of those were able to secure their homes through this initiative.
Property buyers often state that the reason they have decided to buy a new-build property is simply because of the affordability, relating to lower deposits and avoiding extra charges such as maintenance or repairs. As well as this, new-build properties often possess better quality, integrated appliances, more efficiency and higher specification, appealing to first-time buyers more than ever before.
Hopwood House are a specialist property investment company, with a large portfolio of investment properties for sale in the student property, buy-to-let, UK residential and commercial property markets.