A new survey has revealed that today’s generation of young would-be homeowners cite finances as their main worry.
The report, which was compiled and released by the Home Builders Federation, also spotlights a difference in attitudes between younger and older homebuyers.
The survey indicted that 84 percent of those in the 18 to 34 age group want to own their own home, but struggle with financial obstacles. 73 percent worried about being able to raise a deposit while 69 percent said property prices were a major barrier. 53 percent felt that they would have problems getting a mortgage.
The data also indicated that one out of every four in this age group had no idea what government support was available to them, such as the Help to Buy ISA or the Help to Buy equity loan scheme, with its five percent deposit.
Younger people are also more concerned about household costs than their older counterparts. 67 percent of 18 to 24 year olds take these expenses into account when contemplating a purchase as opposed to 40 percent of 35 to 44 year olds.