Most young people intend to purchase a home before they’re 30
Posted on 30th September 2011
A study by The Building Societies Association claims that eight out of ten young people, aged between 18 & 24, still aspire of owning a house by the time they reach the age of 30.
The quarterly consumer survey also shows that 94% of potential first time buyers state that they want to purchase a property by the time they are 35. And when looking at owning a home at an even younger age, 75% of those interviewed aim to be a homeowner in their twenties.
Paul Brodhead, Head of mortgage policy at BSA, commented: ‘It is encouraging to see that the aspiration to buy is still strong among young people. It's clear, however, that consumer sentiment coupled with some perceived barriers is dampening activity in the housing market right now.
‘The availability of mortgage finance has improved, if modestly, and some lenders, primarily mutuals, are now offering higher loan to value ratio loans tailored to the first time buyer market’. Despite fears of long term job security and pressure on household budgets, consumers are reportedly a lot more confident about the market than they were in 2008.