First Time Buyer
Average first-time buyer age ‘remains unchanged for a generation’
Despite 90 per cent of people thinking it’s impossible for young adults to get on the property ladder, those who do are not doing so any later in life than their parents did a generation ago, the study by online estate agent Nested.com found.
It comes as two-thirds of Brits fear they’ll never be homeowners, with 58 per cent citing the high price of houses and a third blaming mortgage lenders for making it difficult to borrow.
One in four people surveyed (38 per cent) described the UK property market as “in crisis” while a third (33 per cent) labelled it “unsustainable”.
Parents also expressed their worries for their kids with six in ten (59 per cent) saying they feared their children would never get on the property ladder.
Ben Bailey, a spokesperson for Nested.com, said:“We often hear of younger people’s fears that they won’t be able to buy a home, but Nested.com’s research shows that the dream of home-ownership is still within their grasp.
“At 27, the first-time buyers of today are exactly the same age their parents were when they took their first steps on the property ladder 30 years ago.”