The survey noted an obvious shift in lifestyle choices, with half as many 25 year-olds viewing home ownership and marriage as important as their counterparts in 1977, with friends and socialising topping their priorities. In the past 30 years there has been a 26 per cent increase in the age of the average FTB from 27 in 1977 to 34 in 2007.
The study also revealed a 1,436 per cent increase in house price inflation since 1977, resulting in 76 per cent of consumers claiming today is the worst time ever in terms of affordability for FTBs. The average FTB now devotes almost a quarter of income to annual mortgage payments.
Gerry Bell, head of mortgage marketing at GEMHL, said: “Our analysis reveals that today’s potential younger buyers have vastly different attitudes, aspirations and lifestyles to their counterparts 30 years ago. This refusal to conform to traditional family oriented motivations and the desire to gain independence and experience undoubtedly delays the purchase of a first home and contributes to ongoing affordability issues.”
Tony Cardiff, sales director at Alexander Hall, said: “We’ve not seen a lot change in general – it just takes a lot longer to get round to doing it. The problem is that earnings have to catch up with house price inflation, but we haven’t seen a drop in business from FTBs due to our estate agency contacts.”
