How many can relate to a parent saying, ‘It was the same back in our day’. Not entirely true because the cost of living has increased ten-fold, but it remains that buying a house has always been a challenge. Despite modern day money struggles new research reveals the age at which we buy our first home today has not changed in a generation.
We admit this information came as a surprise to us, you too?
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‘We often hear of younger people’s fears that they won’t be able to buy a home, but our research shows that the dream of home-ownership is still within their grasp’ explains Nested spokesperson Ben Bailey.
The research shows those who do manage to get on the property ladder are not doing so any later in life than their parents did, a generation before.
The recent study also unearthed that 90 per cent of the public think it’s now impossible for the younger generation to buy a home. Of these over half, 58 per cent, cite high house prces as the reason for their worries. While a third, 33 per cent blame mortgage lenders for making it difficult to borrow.
‘At 27, the first-time buyers of today are exactly the same age their parents were when they took their first steps on the property ladder 30 years ago.’
It comes as nine in ten believe home-ownership is an unachievable goal for today’s young people
The study also revealed a staggering sixty per cent of parents fear their children will never be able to buy their own home.
Did you think the average age was higher than 27?