Homeownership remains essential for younger generations despite market shifts

homeownership property market first-time buyers housing affordability real estate trends

Research from Leaders Romans Group (LRG) indicates that younger generations remain highly committed to homeownership. According to the analysis, 84% of respondents under the age of 45 consider owning a home to be essential, compared to 70% of those aged 65 and older. The study, which surveyed individuals looking to move, found that 82% of respondents would prioritize purchasing a primary residence over an investment property.

Financial discipline is a key factor among these prospective buyers. Approximately 55% of respondents stated they would prioritize saving for a deposit even if it required sacrificing current lifestyle spending, while 24% preferred to balance saving with immediate enjoyment.

Concurrently, market data shows signs of cooling. A RICS survey reports that estate agents seeing falling house prices outnumber those seeing rises by 32 percentage points. Additionally, mortgage applications in the third quarter fell by 18% compared to the previous year, and Lloyds reports the average house price remains unchanged at £298,441.

Entities

Angela Rayner · Leaders Romans Group · Lloyds · London · Mark Manning · Nationwide · RICS

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] 70% of respondents aged 65 and over consider homeownership essential. thenegotiator.co.uk · propertyindustryeye.com
[● 2 SOURCES] 84% of respondents under the age of 45 consider homeownership to be essential. thenegotiator.co.uk · propertyindustryeye.com
[● 2 SOURCES] 82% of respondents would choose to buy a home to live in as their first purchase. thenegotiator.co.uk · propertyindustryeye.com
[● 2 SOURCES] 55% of respondents would prioritize saving for a deposit even if it meant sacrificing lifestyle spending. thenegotiator.co.uk · propertyindustryeye.com
[○ 1 SOURCE] The average house price is £298,441. www.gbnews.com
[○ 1 SOURCE] Saving a 10% deposit takes approximately four years in northern England and nine years in London. propertyindustryeye.com
[○ 1 SOURCE] Estate agents reporting falling house prices outnumber those reporting rises by 32 percentage points. www.gbnews.com
[○ 1 SOURCE] Lloyds reports the average house price is £298,441, which is unchanged from the previous year. www.gbnews.com
[○ 1 SOURCE] The latest RICS survey shows that estate agents reporting falling house prices outnumber those reporting rises by 32 percentage points. www.gbnews.com

Sources

Younger generations still see home ownership as 'essential' [thenegotiator.co.uk]

12 days ago

Younger buyers refuse to give up on homeownership despite affordability squeeze [propertyindustryeye.com]

13 days ago

A house price crash won’t save Gen Z. It could make buying a home even harder [www.gbnews.com]

14 days ago