Despite rising prices and the challenge of saving a deposit, young buyers have not abandoned their ambitions of owning a home. Research from Leaders Romans Group (LRG) found that 84% of respondents under 45 consider homeownership essential. This compares to 70% of those aged 65 and over, suggesting a strong commitment among younger movers.
Across all age groups, 75% regarded owning a home as essential. The survey also found that most respondents favour buying a home to live in rather than an investment property, with 82% choosing their own home if starting out today.
More than half (55%) of respondents said they would prioritise saving for a deposit, even if it meant sacrificing other spending. This contrasts with 24% who preferred balancing saving with enjoying life.
However, the time needed to save a deposit varies significantly across the country. Nationwide estimates indicate saving a 10% deposit takes around four years in northern England, compared with nine years in London, based on saving 10% of average net pay.
Attention is now turning to the Autumn Budget on 28 October, where the government is expected to provide further details of its proposed Your First Home scheme. This scheme could allow eligible first-time buyers to purchase a new-build property with a 2.5% deposit, supported by a 20% equity loan, though final terms are not yet confirmed.