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Young Homeowners Reveal Finances as Top Concern

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.

Specialists in Construction Insurance

Younger buyers are also a lot more positive toward the idea of buying a new build, which can be up to 50 percent less expensive to run than some older properties. 55 percent said they would consider purchasing a new build, compared to only 23 percent of those over 45.

The report also spotlights how much homeowners spend on property upgrades. 47 percent spend over £10,000, with more than half of this amount spent on improving kitchens or bathrooms. 13 percent spent over £40,000. According to estimates by the Home Builders Federation, it costs approximately £45,000 to improve a second hand property to new build standards. Only one percent said that they never spent money on improvements when moving house.

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