Property ownership top priority for under 30-years-olds
The dream may not be totally unrealistic
Property ownership is still among the top priorities for those under 30-years-olds in the UK, according to research from Alliance & Leicester building society.
Despite growing concerns over affordability for first-time buyers in the market, with as many 57 per cent of 18 to 29-year-olds citing ownership of a property as a realistic goal, by the time they reach 30.
"Reaching 30-years-old appears to be a landmark age for many people with it being set as a deadline for some major life events, like owning a property, getting married or starting a family," said Richard Taylor, head of mortgage products at Alliance & Leicester.
"Being a home owner for the first time is something most of us desire, preferably earlier in life. Even in an uncertain housing market we're seeing those under the age of 30 feeling confident and optimistic about the prospect of getting onto the property ladder before they say goodbye to their twenties."
The dream may not be totally unrealistic either, with the Council of Mortgage Lenders (CML) finding earlier this year the average age of a first-time buyer is 29-years-old.
However, this figure has been consistently increasing for the last decade, and is up from 28 and in the late 1990's.
Further research from Alliance & Leicester supports the CML figures, finding two thirds (67 per cent) of its respondents bought their first home before they were 30.
Alliance & Leicester research also shows, before jumping onto the property ladder, renting is the option of choice for those living away from home.
Renting with a partner prior to owning a first property was seen as a natural progression for half (50 per cent) of 18 to 30-year-olds.
Getting married is also a key with half (49 per cent) of
20-somethings citing it as a desire before they reached 30. Having a child is also high on the agenda, with two in five (42 per cent) wanting to start a family by the time they reach 30.
"Those aiming to get onto the property ladder need to do some background work and consider professional advice to establish exactly what they can afford to buy and to plan a budget in order to manage their new monthly mortgage payments," continued Mr Taylor.
"With the results of our research revealing many wanting to get married and start a family by the time they turn 30, the financial aspect of purchasing a first home becomes ever more critical.
"With all these goals being set by people in their twenties, it is increasingly important for those thinking about buying their first property to save for a deposit."
