Property ownership still a priority for many

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by Kay Murchie

A study from the Alliance & Leicester has discovered that home ownership is still among the top priorities for under 30-years-olds in the UK.

Richard Taylor of A&L said turning 30-years-old currently appears to be a landmark age for many people with it being set as a deadline for some major life events, in particular owning a property, getting married or starting a family.

Over half of 18-29 year olds see owning a home as a realistic target by the time they hit 30 in spite of affordability issues for first-time buyers currently.

Even in an uncertain housing market we’re seeing those under the age of 30 feeling confident and optimistic about the prospect of getting onto the property ladder before they say goodbye to their twenties, added Mr Taylor.

Research from the Council of Mortgage Lenders (CML) shows the average age of a first-time buyer is 29-years-old so the goal may not be unrealistic. However, this figure has been increasing over the last 10 years and is up from 28 in the late 1990’s.

The study also discovered that renting is the option for those living away from home before stepping onto the property ladder. Renting with a partner prior to owning a first property was seen as a natural progression for 50% of 18-30-year-olds.

Getting married was also a high priority with 49% of 18-29 year olds wanting to have tied the knot by the time they reached 30. 42% said they wanted to start a family by the time they reach 30.

Mr Taylor said those aiming to get onto the property ladder need to do their homework and consider professional advice to establish exactly what they can afford to buy and to plan a budget in order to manage their new monthly mortgage payments.

With all these ambitions being set by people in their twenties, it is increasingly important for those thinking about buying their first property to save for a deposit, concluded Mr Taylor.