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Most young people want to buy before hitting 30

Wednesday, 21 September 2011 4:57 PM

More than eight out of ten young people still hope to own their own home by the time they are 30, according to the latest Property Tracker survey from the Building Societies Association (BSA).

The positive result from 18-24 year olds comes despite rising obstacles facing first-time buyers and a fall in home ownership from 73 per cent of the population a decade ago to 67 per cent now and a projected 63 per cent in ten years’ time.

Across all age groups, more than 90 per cent of people say they would ideally want to have bought by the time they are 35.

However, the proportion of UK adults seeing raising a deposit as the main barrier to ownership rose sharply from 62 per cent in June to 69 per cent in September.

Access to the required mortgage was cited as a barrier by 59 per cent of people, the highest level since the survey started in June 2008.

Paul Broadhead, BSA head of mortgage policy, said: “The results from the Property Tracker highlight that the aspiration to own their own home remains strong amongst Generation Y but that attitudes towards homeownership might be affected by the realities of getting onto the property ladder.”

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