Blog Post

Levenshulme: Younger Generation Making Property Buying A Priority?

Ian Watson Oct 15, 2018, 00:00 AM
The cost of the deposit associated with buying a house has led to the increase of the average age of first-time buyers but youngsters are making sacrifices.

It is not a surprise that the average age if the first-time buyer in the United Kingdom is rising. Even though Levenshulme is an area that has a lot to offer young professionals, the cost of buying a property is prohibitive. One of the biggest issues is saving enough money for a deposit and this is often the fact that leads to the average age of first-time buyers being higher than it was for previous generations.

A recent study carried out by an online mortgage broker discussed the property buying process with more than 2,000 people with a mortgage. While every individual or household has their own story to tell with respect to stepping on to the property ladder, it is no surprise that so many of the same stories crop up time and time again.

Moving back home to save money is a major commitment for many people

The analysis found that many younger buyers must make significant sacrifices to save the money required to pay for the deposit of their new home. With respect to millennials, people who are currently aged between 18 and 34 years old, it was found that 16 of this group moved back to their parents to save money to raise a deposit.

Depending on a person’s circumstances, this may be a more trying period than you could expect. Even for people who have maintained a healthy relationship with their parents, moving back to the family home after experiencing freedom can be a challenge. This means that moving home is often a challenging experience and a big sacrifice for some people. This suggests that many people are keen to save money to raise funds for their deposit.

By contrast, with respect to Generation X, people who are currently aged between 35 and 54, only 5% of these people said that they moved home with their parents to help them raise money for a deposit.

Many people take on a second job to save money for a property deposit

The study also showed that 17% of millennials took a second job to help them raise money for the deposit. In the present day, there are many people who take on a second job just to make ends meet but doing so in order to raise money to buy a home is a clear commitment that people want to get on to the property.

While there are great rental options, particularly in the heart of Levenshulme, many people consider renting to be a waste of money. After all, at the end of the tenancy, you have nothing to show for your expenditure whereas when you buy property, you are putting money towards an asset.

Even though property prices are high and the demand for property is greater than the supply of homes in many areas, it is comforting to know that many people are still committed to saving money in order to buy a home. If you are a vendor, this is pleasing news because even though many people will tell you that the market is flat, this level of commitment suggests that there is a continual level of demand for property.

If you are looking to sell your home in Levenshulme, contact Peter Anthony and we will do what we can to ensure that you sell your property in an effective manner.

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