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Is Younger Generation Prioritising Buying A Home?

  22 Nov 2018

Even though there has been plenty of evidence to back up this notion, it is obvious that the average age of the first-time buyer is rising. With increasing house costs and the deposit taking on a greater importance in obtaining a mortgage, people need to save a lot of money to get on to the property ladder. Some people in the younger generation are fortunate enough that they have received assistance from their parents, but for most buyers, there is a need to save the money themselves.

This is difficult, and it is fair to say that many would-be homebuyers sacrifice a lot to ensure they save the money they need to own their property. A recent study which spoke to 2,000 borrowers found the extent that some people have saved for.

The analysis tried to separate respondents into different age groups. The millennials group is classed as anyone aged between 18 and 34 years old while Generation X contains people aged between the ages of 35 and 54.

Millennials more likely to move back home with their parents to save money

It was found that 16% of millennials who responded said they moved back home to live with their parents to help them save money to buy a house. With respect to Generation X, only 5% moved home with their parents to save money.

Depending on the relationship a person has with their parents, this may be a major sacrifice. When you have finally left the family house, you may think that moving back to the parental house is a step back. However, if this step-back allows you to move forward at a greater speed or with more intent, it is the sort of sacrifice that many people are willing to make.

Millennials happy to take on a second job to raise money for a deposit

It was also found that 17% of millennials said they worked a second job to raise the money for their deposit. This is a situation that some people find themselves in just to make end meet but if you take on a second job to save money for your deposit, you make a huge commitment to stepping on to the property ladder.

There were also other examples of how millennials are making more sacrifices than people from an older generation to save money and move their life forward. The results indicated that millennials, compared with Generation X, were twice as likely to avoid getting into a relationship so they can save money. It was also found that millennials were three times as likely to delay their wedding and this group was 3.5 times more likely to sell their car to raise money to put aside for a property deposit.

There is no denying that many buyers struggle to raise funds to buy property these days, but these findings indicate that people are making the effort. Whether you are looking to buy or sell a property, you will find that Jezzards is on hand to help you. We know the effort that people put in to achieve their property dreams and we want to ensure that you reach these goals, so get in touch for the best guidance and support. For more information, contact our residential sales team on 03330 433 633 or click here to contact us online.


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