Longer Reads

Home ownership now comes later in life

1 minute read

Published 19 February 2019

Authors

Share

Key information

The Office for National Statistics in data published this week reports that young adults are having to wait on average eight years longer to get onto the housing ladder compared to two decades ago.  It says that in 1997 the average age of a first-time buyer was just 26, compared to 34 today.

The Office for National Statistics echoes research conducted by the property law firm Collyer Bristow and published in its Home Ownership Attitudes and Aspirations report, which shows that home ownership remains the ultimate goal for young adults living and working in London and the South East.

Janet Armstrong-Fox, Head of Private Client Property at Collyer Bristow said: “Our Home Ownership Attitudes and Aspirations report shows that 73% of men and 57% of women, who currently do not own their own home, hope to buy a home within the next five years.  It also shows that price and property size trumps location every single time.”

“Personal and joint savings lead the way for those intending to purchase a home and given dramatic increases in house prices in London and the South East people are having to save for much greater periods of time.”

Headline findings from Collyer Bristow’s Ownership Attitudes and Aspirations report:

  • 100% of 20-24 year olds hope to buy their own home, falling to 59% for 25-34 year olds.
  • Just 9% have no aspirations to buy their own home at all.
  • Price (77%) trumps location (61%) when choosing a home.
  • New homes predominantly funded by savings (63%) and almost a third supported by the ‘Bank of Mum and Dad’ (32%).
  • 31% of current homeowners inherited their property or funds to enable a property purchase.
  • 74% would consider living in a co-living build to rent scheme.

Collyer Bristow’s Ownership Attitudes and Aspirations report is based on a panel of adults aged between 20 and 44 living and working in London and the South East, living both in rented accommodation and their own homes.

Message us with any questions

Related latest updates
PREV NEXT

Related content

Arrow Back to Insights

Longer Reads

Home ownership now comes later in life

Published 19 February 2019

Associated sectors / services

  • Residential property

Authors

The Office for National Statistics in data published this week reports that young adults are having to wait on average eight years longer to get onto the housing ladder compared to two decades ago.  It says that in 1997 the average age of a first-time buyer was just 26, compared to 34 today.

The Office for National Statistics echoes research conducted by the property law firm Collyer Bristow and published in its Home Ownership Attitudes and Aspirations report, which shows that home ownership remains the ultimate goal for young adults living and working in London and the South East.

Janet Armstrong-Fox, Head of Private Client Property at Collyer Bristow said: “Our Home Ownership Attitudes and Aspirations report shows that 73% of men and 57% of women, who currently do not own their own home, hope to buy a home within the next five years.  It also shows that price and property size trumps location every single time.”

“Personal and joint savings lead the way for those intending to purchase a home and given dramatic increases in house prices in London and the South East people are having to save for much greater periods of time.”

Headline findings from Collyer Bristow’s Ownership Attitudes and Aspirations report:

  • 100% of 20-24 year olds hope to buy their own home, falling to 59% for 25-34 year olds.
  • Just 9% have no aspirations to buy their own home at all.
  • Price (77%) trumps location (61%) when choosing a home.
  • New homes predominantly funded by savings (63%) and almost a third supported by the ‘Bank of Mum and Dad’ (32%).
  • 31% of current homeowners inherited their property or funds to enable a property purchase.
  • 74% would consider living in a co-living build to rent scheme.

Collyer Bristow’s Ownership Attitudes and Aspirations report is based on a panel of adults aged between 20 and 44 living and working in London and the South East, living both in rented accommodation and their own homes.

Associated sectors / services

  • Residential property

Authors

Need some more information? Make an enquiry below.

    Subscribe

    Please add your details and your areas of interest below

    Specialist sectors:

    Legal services:

    Other information:

    Jurisdictions of interest to you (other than UK):

    Article contributor

    Enjoy reading our articles? why not subscribe to notifications so you’ll never miss one?

    Subscribe to our articles

    Message us on WhatsApp (calling not available)

    Please note that Collyer Bristow provides this service during office hours for general information and enquiries only and that no legal or other professional advice will be provided over the WhatsApp platform. Please also note that if you choose to use this platform your personal data is likely to be processed outside the UK and EEA, including in the US. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information provided. All information will be deleted immediately upon completion of a conversation.

    I accept Close

    Close
    Scroll up
    Get In Touch Print this page
    Collyer Bristow
    ExpandNeed some help?Toggle

    < Back to menu

    I have an issue and need your help

    Scroll to see our A-Z list of expertise

    Get in touch

    Get in touch using our form below.