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.