In stark contrast to previous generations, today’s young people face a whole host of barriers before getting their foot on the first rung of the property ladder, with many fearing they might not get their first home until they hit middle-age, new research reveals.
According to a survey of 18-35-year-olds by insurer Swiftcover, nearly half (48%) of Britain’s aspiring first-time buyers believe owning a home is “an unrealistic dream”, with one in 10 expecting to be over 40 by the time they become a homeowner.
Nearly two-thirds (63%) of young Britons would even consider moving abroad to get the keys to their first home due to the current lack of affordable UK housing.
With house prices becoming increasingly out of reach for many of today’s young, it is no wonder that a third of those aspiring towards their first home feel ‘frustrated’, ‘depressed’ and ‘helpless’ about the current state of the market.
The survey found that some people have become so desperate they would even considering staying with a partner they no longer wanted to be with or move back in with their parents in order to get onto the property ladder.
Roman Bryl, brand and proposition manager at Swiftcover said: “The lengths Britain’s first time buyers are willing to go to in order to get a deposit together illustrates exactly how tough today’s property market has become.”
