An overwhelming majority of 24-44-year-olds want to become homeowners, according to new research.
London-based law firm Collyer Bristol brought together a panel of renters and homeowners in that age group in London and the south-east to quiz them on their ideas and plans for renting and home ownership for its report entitled Home Ownership Attitudes and Aspirations.
Dubbed “Generation Rent”, that age group showed it is following in the footsteps of older generations by confirming that home ownership is still the goal.
Aspirations high among young
In the report, 73 percent of men and 57 percent of women say they hope to buy their own home within the next five years. A third (29 percent) say owning a home in that time frame is unrealistic, but only 9 percent of those questioned admitted to having no aspiration for home ownership at all.
Of those aged 20-24, every single person questioned said they wanted and hoped to buy their own home. That figure drops to 59 percent in the 25-34-year-old bracket but up to 63 percent for 35-44-year-olds.
Home market changing rapidly
Alex O’Connor, partner in commercial real estate at Collyer Bristow, said: “We all know there is a housing crisis in the UK and that it is particularly acute in London and the south-east.
“We have seen developers bring forward new tenures, such as dedicated Build-to-Rent schemes, but home ownership remains the ultimate goal.
“Itis interesting that all of our panel’s 20-24-year-olds say that they will own their own home, only for those hopes to be dashed when the reality of buying a property hits home. That picks up slightly, perhaps as our panel start to marry and think about starting a family.
“The home market is changing rapidly with new tenures emerging and institutional money looking to change the rental market for the better. Whilst our panel might choose to rent for longer, home ownership remains the ultimate goal.”