Millennials adopt 'realistic' attitude to get on property ladder

Millennials adopt 'realistic' attitude to get on property ladder


Posted 4th April by Peter Byrne

In an attempt to get on the property ladder, Millennials are happy to forego both a garage and garden, research has found

A study of 2,000 Brits, aged between 23-38, found more than two thirds are adopting a 'realistic' attitude to their 'dream home' as they are aware of exactly what they can afford.

Another 58 per cent said that when it came to it, they would also settle for a smaller property than they had initially wanted.

So, what does the 'realistic' dream home include? Well, it would ideally have more than one bedroom, an en-suite bathroom and an open-plan kitchen and dining room.

A good location was also key, with the commute to work being the main priority when thinking about the area.

Four in 10 believe they could only afford a one bedroom apartment or studio where they live, while for those based in London, nearly a quarter said a studio was their only choice.

73 per cent are hoping to be a property owner one day, but a quarter have already given up on the dream.

Future homeowners have said they think they'll have the keys to their first property by the time they reach 35, and are planning to live there for five years before eventually selling up.

And to make sure they secure their first home, Brits will happily make sacrifices along the way, giving up gym memberships, dining out and takeaway coffee to save for their deposit.

The research, carried out by The Gateway, a development of new homes by L&Q in Chiswick, London, also revealed Brits will turn to Help to Buy schemes, with 50 per cent of 23-25 year olds considering one.

Cathy Lloyd, sales and customer services director for L&Q, said: "The research shows that millennials are knowledgeable about what they can and cannot realistically afford when it comes to the purchase of their first home, in terms of size, location and amenities."

"Interestingly, the priorities of those living around the country don’t vary too wildly."

"Across all regions, the priorities are transport links, ease of commute and proximity to family above all else – something which I’m sure will delight many a parent."

"Buying a property is a huge achievement and it’s good to know that younger generations are clued up with regards to the help that’s available from the likes of Help to Buy which can really make all the difference to those struggling to pull together a deposit."






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