Young buyers consider using Help to Buy
Potential buyers have fairly realistic expectations of getting on the property ladder, as three quarters (76%) expect to own between 25 and 35.
A total of 54% expect to buy between 25 to 30, while 25% reckon they will have to wait until 31 to 35. As many as 6% fear they will never afford their own home.
The average first-time buying age rose from 29 to 30 in 2012 according to Halifax Bank.
Luke Mitchell, head of insight at Voxburner, said: “Young people have a fairly realistic expectation of when they might own a property and are willing to look at alternative solutions to help get there, such as buying a place with a friend or looking at government schemes available.
“Even if they aren’t sure when they will be able to get on the property ladder, a significant number of young people seem to have put a plan in place to get there.”
Despite 45% disagreeing that a better quality of life can be found outside the UK, over half of young people (55%) expect to move abroad one day, with the United States, Australia, France and Canada highlighted as popular destinations.
When it comes to getting a deposit, 84% of 16-24s expect to use their own savings, 35% hope to turn to their parents or another family member, while 34% anticipate going in with a friend or partner.
Nearly eight in 10 (79%) say they would be happy to move in with mum and dad while saving for a property, while over six in 10 (62%) 16-24 year olds find it acceptable to live with parents or a family member as long as required.