The latest Moving Improving research shows that owning a property is one of the key goals set by those in their twenties with more than half (57 per cent) of 18 to 29 year olds citing ownership of a property as a realistic goal.
Reaching 30 is a milestone many of us set goals against. The aim of owning a property by the time this milestone is reached is not unrealistic, with the average age of a first time buyer being 29, having risen from 28 in the early 1990’s. The latest Alliance & Leicester findings support these figures with two thirds (67 per cent) saying that they bought their first home before they were 30.
The research also showed that before jumping onto the property ladder, renting is the option for those living away from home. Renting with a partner prior to owning a first property was seen as a natural progression for half (50 per cent) of 18 to 30 year olds. Getting married is also a key with half (49 per cent) citing it as a desire before they reached 30. Having a child is also high on the agenda, with two in five (42 per cent) wanting to start a family by the time they reach 30.
Richard Taylor, head of mortgage products at Alliance & Leicester, said: “Reaching 30 years old appears to be a landmark age for many people with it being set as a deadline for some major life events, like owning a property, getting married or starting a family. Being a home owner for the first time is something most of us desire, preferably earlier in life. Even in an uncertain housing market we’re seeing those under the age of 30 feeling confident and optimistic about the prospect of getting onto the property ladder before they say goodbye to their twenties.
“Those aiming to get onto the property ladder need to do some background work and consider professional advice to establish exactly what they can afford to buy and to plan a budget in order to manage their new monthly mortgage payments. With the results of our research revealing many wanting to get married and start a family by the time they turn 30, the financial aspect of purchasing a first home becomes ever more critical. With all these goals being set by people in their twenties, it is increasingly important for those thinking about buying their first property to save for a deposit.”
