Large numbers of would-be first-time buyers feel under pressure to own their own property because of expectations placed on them from family members and society.
A survey of prospective homeowners discovered most young adults aspired to own their own home with 81% admitting it was a goal.
Yet, one in four admitted their family were putting them under pressure to own a property while 60% felt buying a home was something expected of them at their current age.
Indeed, specialist lender Aldermore, which compiled the survey, said house buying in Britain was still very much the norm and was often considered a step towards adulthood.
Damian Thompson, director of mortgages at Aldermore, said: “First-time buyers are a key driver of the mortgage market and the desire to own your own home remains a strong aspiration in the UK.”
Staying with family or friends
Nearly a third of prospective first-time buyers were living with friends or family to help save for their deposit. Meanwhile a further 38% said they would consider going back home or staying with friends in the future. This, said Aldermore, could be adding to the feeling of family pressure.
However, Thompson said, overall, those surveyed were overwhelmingly positive about the prospect of becoming homeowners.
But he was also ‘concerned’ to learn through the survey that many first-time buyers found the home buying process difficult and stressful
Over a quarter said raising a deposit was the biggest obstacle for them – although the number who found it a struggle had decreased since last year.
Aldermore said this could be down to options to assist such as low-deposit mortgages and savings schemes like the Help to Buy ISA easing the challenge for some.
A quarter also struggled to find an affordable property, the survey revealed.
