The majority of young people aspire to own their own home by the time they reach 30, according to research from the Building Societies Association (BSA).
The BSA’s quarterly consumer survey, Property Tracker, reveals that more than eight out of ten people aged between 18 and 24 feel this way.
Among potential first-time buyers overall, 94 per cent of respondents say they would ideally have bought by the time they are 35 with 75 per cent having an aspiration to become a homeowner in their twenties.
The tracker, which surveys more than 2,000 UK adults about the housing market every three months, also indicates that consumer confidence in property purchase has improved, albeit marginally.
Some 43 per cent believe now is the right time to buy, up from 41 per cent in June. Confidence is particularly high among those already on the housing ladder where 51 per cent thought that now was a good time to buy, compared to just 32 per cent of those who are currently renting or living rent-free.
However, there has been a sharp jump in the number of people who see raising a deposit as a barrier to owning a home, up from 62 per cent in June to 69 per cent in September.
“It is encouraging to see that the aspiration to buy is still strong among young people,” said Paul Broadhead, BSA head of mortgage policy.
“It’s clear, however, that consumer sentiment coupled with some perceived barriers is dampening activity in the housing market right now.”
It can be difficult for people to save up a deposit, especially those who are renting and trying to juggle day-to-day outgoings while striving to put cash aside. Putting their belongings into self-storage over the short-term, while they move back in with mum and dad, could prove cost effective.
By Paul Governor from http://www.safestore.co.uk/industry_news/800738252/most_young_people_aspire_to_own_home.aspx