In a study of over 1400 aspiring first time buyers between the ages of 16-40, the research found that while the idea of inner-city living in a new apartment appealed most to those aged 16-21, while first time buyers over the age of 21 are more interested in semi-detached houses in the suburbs with period features.
At the ages of 16-21, 62% want a new build property, 32% would like a flat and 43% wish to be inner-city based. Over the age of 21 however, 52% would ideally like to buy a property with period features, 52% would like to be based in the suburbs and 32% would prefer a semi-detached property. Some men continue to prefer inner-city life (20%), but many more want to move out to the suburbs (48%) or the countryside (33%). 55% of women over 21 wish to live in the suburbs, 31% in the countryside and just 14% in the inner city.
The top reasons for people wanting to buy a property, rather than rent, are consistent throughout different age groups and the sexes. In owning a property people are looking for a more secure place to live, stopping wasting money on rent, have something to be proud of, and a good investment.
A significant number of “wannabe first time buyers” expect to receive financial help from their parents. Aged 16-21, 38% expect parental help, this falls a little as the age group rises but 28% of 22-29 year olds and 16% of 30-39 year olds are still hoping for financial help from parents. Even well into their own careers, people still need help from family to make it onto the property ladder.
Tanya Jackson, media relations manager at the Yorkshire, said: “The trendy new build flat in the city could become a thing of the past. The younger age group that aspire to live in this type of property is increasingly priced out of the market. The vast majority of older buyers would prefer to live further out in older properties with period features. This means that without help to first time buyers, the trendy new flats that are rising in all our cities’ skylines may become less popular.”
