US and UK Homebuyers Favor Ownership Over Renting

A Bank of America survey shows 53% of US consumers now prefer buying a home rather than renting, the first majority since 2023. Millennials and Gen Z are driving the shift, with fewer respondents (71%) waiting for lower rates or prices than a year earlier. About 22% plan to purchase within the next year, and one in five prospective buyers have used AI tools for cost calculations and market research.

Barclays’ UK Property Insights report finds Gen Z buyers prioritise price over location, with one in five ready to move more than 25 miles to find affordable housing. Average deposit requirements fell 16.4% to £57,209, though high prices and saving for deposits remain major obstacles. Transaction delays persist, largely from conveyancing issues, while 16% of Gen Z renters are actively searching to buy.

Both reports highlight persistent affordability challenges despite improving buyer sentiment in the United States and the United Kingdom.