The desire to own a home is so strong amongst younger generations that some are starting to save for their first property as young as 18.
A survey of the nation’s house hunters by home builder Countryside revealed 18 to 24 year olds were prioritising owning a home above holidays with two thirds of renters already saving to secure their first property.
And 92% of so-called Generation Zs were planning to use Help to Buy ahead of the 2020 deadline when the scheme will no longer be available.
Interestingly, the research also uncovered evidence that people as young as 18 were already saving for a deposit on a home.
Deborah Hughes, regional sales and marketing director for Countryside, said: “Help to Buy has been an incredible fast track for first-time buyers across the country and, with 2020 fast approaching, the next two years will be critical for younger house hunters.”
Indeed Countryside has reported a high volume of young professionals and families securing their first homes through the Help to Buy scheme.
In 2017 it reported 64% of buyers in the North West of England were first-time buyers (such as those pictured from its NGV Liverpool development) and many were able to secure their first home through the initiative.
Hughes added: “Interestingly, these new survey statistics indicate the desire to own a property is now increasing within an even younger generation, with some as young as 18 already saving for their future investment.
“Not only is the home-buying demographic getting younger, but it is also becoming more independent, which is great news for those who don’t want to be trapped in the rental cycle.”
The Help to Buy Equity scheme, which was launched in 2013 in England, provides a loan of 20% to buyers on properties up to £600,000. It is available for those purchasing new build homes only.
Countryside’s research found 72% of respondents of all ages were also considering investing in a new build home because the costs of maintenance and redecorating would be less than when purchasing an older property.
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