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Desire for Home Ownership Remains Strong
Almost half (48%) of people aged between 25 and 34 who aren’t on the property ladder say they want to own their own home within the next ten years.
However, according to the Building Societies Association (BSA), many in this age-group are highly pessimistic about their prospects of achieving home ownership even if they wait a decade.
Analysis by the BSA of the past, current and future accommodation that young people between 25 and 34 live in clearly shows:
- A significant drop in those who own their own home – down from 40% in 2008 to 33% today.
- But a significant number (62%) want to own their own home by 2028.
- By 2028 far fewer want to be living in private rented accommodation – down from 31% today to 9%.
- Around 14% of the so-called boomerang generation live in a property owned by a friend or relative. This is not somewhere that many of today’s 18-24 year-olds see themselves living in ten years – just 3%.
- High house prices driven primarily by insufficient housing supply is one of the root causes of an issue which has significant societal and economic impact.
In practical terms the primary issues that 25 to 34-year-olds say that they face are:-
- 76% – Raising a deposit
- 46% – Access to a large enough or any mortgage
- 43% – Affordability of mortgage payments
- 29% – Job security
- 18% – Concern that property prices may fall in the future
- 15% – Stamp Duty costs
- 12% – Finding the right property
- 11% – The complexity of the home buying process
For expert legal advice on buying or selling property then contact our specialist property solicitors today. We can help you achieve that first rung on the property ladder or assist you in moving up it.