First time buyers across the UK believe they could be as old as 40 by the time they make their first steps on the property ladder.
Research by property website Globrix.com found that as many as 40% of aspiring first time buyers think they will be at least 40 before they can purchase their own property.
Of 671 existing and aspiring homeowners questioned this February, 38% of people who hope to own their own home worry they will not be able to buy one until they are in their 40s, while 8% think they may never be able to do so.
By contrast, 74% of existing homeowners said they bought their first property before they were 30, something only 13% of aspiring buyers think they will be able to do.
A quarter of those who do not yet own their own home admitted they would be relying on their parents to fund their deposits, while others worry that university debt will delay them from getting on to the property ladder.
"Many young people who want to get on the property ladder have accepted that they will be much older by the time they finally do. A significant portion have given up the dream altogether,” said Globrix.com’s Jennifer Warner.
In the current market, first time buyers may need 20% of a desired property’s price to obtain a mortgage and unfortunately the majority cannot afford to delve into the market.
"What we're seeing is a major generational shift towards the realisation that buying your own home will be an elite rather than a mainstream lifestyle choice in the coming decades, and to a large extent only those with wealthy parents who can contribute towards a deposit will be able to buy a place of their own,” added Ms Warner.
By residential conveyancing solicitor, Tom Bridge
Subscribe
Add Comment
