DO MILLENNIAL'S REALLY WANT TO BUY?
The government are keen to try and help and encourage first time buyers to get on to the housing ladder but are millennials really as keen as we think to buy a house?
In a recent survey by TopCashback.co.uk it shows that even if the housing market took a favourable turn and provided a good amount stock for first time buyers they might not necessarily be prioritising saving for a deposit.
The results seemed to be slightly confusing with 95% of millennials saying they wanted to own at some point but saving for a house deposit was only 5th on the list of savings priorities. The top priority was saving for an emergency fund followed by having a savings cushion and having funds for travel and holidays.
Home owning expectations were shown to be very low with only 39% being were sure they would be able to one day. A mere 26% just hope they will be able to one day and 31% think they will never be able to own. This is probably related to house savings being a low priority but essentially it will make it very difficult for first time buyers to get on the ladder.
It does appear to show that although most millennial’s would prefer to own their own home they are not driven to do this at an early age, perhaps thinking/hoping they will be able to one day. Maybe we will one day end up being more like some European countries where renting is the norm and there will be much more longer-term tenancies available.
The results of this survey certainly do seem to suggest that the majority of millennial’s will keep on renting for some time before they will be in a position to be able to buy. Therefore, good quality rental stock will be needed to keep up with demand. With property being one of the safest and strongest investments you can have it makes sense to either start or grow a property portfolio.
If you are interested in discussing property investment in the Birmingham or Worcestershire areas then please contact Thomas Miller or Laura Fiddes-Baron on 0121 445 7410 or email firstname.lastname@example.org