New research from estate agency brand LRG indicates that younger generations continue to prioritise home ownership despite ongoing affordability challenges. The study found that 84% of individuals under 45 consider owning a home essential, a figure that stands at 70% for those over 65.
Overall, 75% of all age groups surveyed viewed home ownership as essential. When asked about initial purchases, 82% of respondents would choose a home to live in, while only 6% would opt for an investment property to rent out.
More than half of those surveyed, 55%, stated they would prioritise saving for a deposit even if it meant cutting other spending. This contrasts with 24% who would balance saving with current lifestyle expenditure.
Tim Foreman, Managing Director of Land and New Homes at LRG, noted that for most first-time buyers, the deposit remains the primary barrier rather than a lack of desire to purchase. These findings emerge ahead of the Budget later this month, which is expected to provide further details on the Government's Your First Home scheme.