Millennials are so focused on getting on the property ladder they are making life decisions based on how quickly it will help them buy their first home.
That’s according to a study by online mortgage lender Trussle, which said one in six adults aged between 18 and 25 chose their career by considering how quickly it would help them get onto the property ladder.
And a quarter of those surveyed said their choice of partner was driven by their desire to buy a home.
In fact, Trussle discovered, many people in this generation jumped the gun in their relationships in order to get on the ladder, with one in six admitting they bought with a partner when they would have preferred to go it alone.
The findings demonstrate how much the pressure to get onto the housing ladder has affected this generation. A recent study by the Resolution Foundation claimed one in three millennials would never own home, highlighting the extent of their struggle.
Trussle found many aspiring homeowners were already sacrificing holidays and social lives to save for a deposit.
“But when major life decisions are being swayed by the desire to get on the property ladder, something clearly needs to change, said Ishaan Malhi, founder and CEO of Trussle.
“Financial security will always be important when choosing career paths, but a lot of young people now recognise that they’ll need to earn a substantially large salary early on in their careers in order to reach their home ownership dreams.”
Malhi called on the mortgage industry to think about creating individual mortgage products based on individual circumstances.
He said they should take into account personal circumstances including earning trajectory in order to assess realistic affordability and help young people get onto the ladder.
