20 things

Alliance & Leicester’s Moving Improving research

22 March 2008

1. Research by Alliance & Leicester (A&L) has revealed home ownership is one of the main priorities of the under 30s.

2. The Moving Improving research showed that 57 per cent of 18 to 29-year-olds expect to own their own home by the time they reach 30.

3. The study questioned 2,121 adults.

4. Twenty-somethings key goals showed they believe owning their own home is attainable by the milestone age of 30.

5. A&L said this goal is not wholly unreasonable, as the average age of the first-time buyer is 29, according to the Council of Mortgage Lenders.

6. However, this is up from 28 in the early 1990s.

7. The latest A&L findings also support these figures.

8. Two-thirds (67 per cent) of those surveyed said that they had bought their first home before they were 30.

9. Richard Taylor, head of mortgage products at Alliance & Leicester, said: “Reaching 30 years old appears to be a landmark age for many people with it being set as a deadline for some major life events, like owning a property, getting married or starting a family.”

10. He continued that being a home owner for the first time was something most people desired, preferably earlier in life.

11. Taylor said: “Even in an uncertain housing market we’re seeing those under the age of 30 feeling confident and optimistic about the prospect of getting onto the property ladder before they say goodbye to their twenties.”

12. The research showed that before buying, renting is the option for those living away from home.

13. Renting with a partner before opting to buy was the choice for 50 per cent of 18 to 30 year olds.

14. Getting married was also key.

15. 49 per cent cited it as desirable before they hit 30.

16. Having a child was also high on the agenda.

17. Two in five (42 per cent) wanted to start a family be the time they get to 30.

18. Taylor continued: “Those aiming to get onto the property ladder need to do some background work and consider professional advice to establish exactly what they can afford to buy and to plan a budget in order to manage their new monthly mortgage payments.”

19. He said that with many people wanting to get married and start a family before they turn 30, the financial aspect of buying a first home becomes even more critical.

20. Taylor concluded: “With all these goals being set by people in their twenties, it is increasingly important for those thinking about buying their first property to save for a deposit.”