Qualified advisers answering your
Financial Questions
call 0800 092 1245

Prospective young homeowners becoming more optimistic


Prospective young homeowners are becoming more determined to get onto the property ladder according to figures released in the Post Office’s annual House Buying Habit Report, which claimed that 36% of 18-34 year olds are hoping to buy a house in the immediate future.

The figures suggest that prospective young homeowners are still making big sacrifices to get onto the property ladder. However, the lengths they’re willing to go appear to be falling gradually, suggesting increasing confidence in the market, likely as a result of the government led initiative, help to buy scheme.

This is particularly prevalent in regards to compromising on location of the property, which has fallen from 38% to 35%, whilst those willing to move away from their family has fell from 29% to 26% year-on-year.

Furthermore, the willingness to make lifestyle sacrifices remained significant, but did fall slightly over the last year. The most popular lifestyle sacrifices were generally food and leisure, with 57% willing to give up takeaways, 51% willing to cut back on going out over the weekend, and 43% cutting back on their general food bill. Additionally, 14% were actually willing to give up saving into a pension fund in order to put extra money towards the cost of buying their first property.

John Wilcock, Head of Mortgages at Post Office said of the figures: “For many people owning their own home is a dream they are determined to make a reality, and our report highlights the lengths some will go to. Since the recession in 2008, people have taken extra steps to save money for a deposit. However, the launch of the Government’s Help to Buy scheme and a raft of affordable loans on the market look to have rallied optimism amongst first-time buyers.”

Need Advice

Are you a first time homebuyer and need advice on mortgages? If so, contact one of our advisers via our online question box, or by calling 0800 092 1245

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details