Property in: LONDON

Most Young Buyers Concerned About Homeownership Dreams

Kos
by Kos
3 minutes

A new survey by Bluestone Mortgages reveals the majority of young buyers (between 18 and 34 years old) are worried about their homeownership dreams amid the living costs crisis.

Specialists at Bluestone Mortgages analysed the property market and revealed several trends, including first-timer sectors.

Young First-Time Buyers Worry About Living Costs And Homeownership

The central research finding reveals 51% of buyers aged between 18 and 34 worry about the ongoing living costs crisis limiting their ability to save bigger deposits. The percentage equates to 7.5 million buyers.

Firt-time buyers 2023

Moreover, the future possibility of stepping onto the property ladder remains a critical concern for 69% of first-time buyers (FTBs), highlighting the significant pressure felt by young buyers. On average, the respondents expect to be £146 worse off each month because of the living costs crisis.

Young Buyers Adapt To Challenging Settings

As a result, first-timers have to change their lifestyles to counter the rising living costs. Some of the most popular ways to mitigate the additional expenses are improving energy efficiency, eating at home rather than in cafés, and cancelling side subscriptions.

Shared Ownership Homes

Interestingly, 25% of respondents are considering moving back with families to cope with financial struggles.

Bluestone Mortgages Shares

Bluestone Mortgages highlights the added pressure on young buyers because of the living costs crisis. Combined with the end of the Help to Buy scheme and lenders withdrawing their products, it is little surprise that prospective first-timers are worried about their abilities to step onto the property ladder at all.

Since there are no plans from the government to replace the so-popular buying scheme, experts point out that the property industry needs to help and educate young buyers about other options available to them, including Shared Ownership. Looking ahead, lenders and developers have to unite and support borrowers in achieving their home ownership dreams in challenging settings.

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