EIGHTY-nine percent of 18 to 34 year-olds who don’t already own a property want to own their own home, a new survey for property portal new-homes has revealed.
But the YouGov survey also reveals that many are currently being frustrated from realising their ambition of climbing on to the property ladder.
A total of 73 percent of people also believe it is more difficult to buy a home now than 20 years ago.
The survery reveals:
• 89% of 18-34 year-olds who don’t already own a property want to own their own home.
• 57% of 25-34 year-old adults who plan to buy a property are frustrated with the market.
• 74% of people think it’s harder to buy a home now than five years ago and 73% of people think it is harder than 20 years ago.
• 83% of people see home ownership as a sensible long-term investment.
The survey comes at a time when fewer new homes are being built than at any point since 1923 and a debate rages over the future planning system.
That system will govern how many of the thousands of desperately-needed homes are built over the coming years and decades. The focus on planning comes as figures reveal that over the last five years planning permissions have plummeted.
Nearly five million people are now on Local Authority waiting lists, while first time buyer numbers have fallen from 600,000 annually a decade ago to around 200,000 last year.
The frustrations felt by many young people who want to buy a home have been voiced through a survey commissioned by the new-homes website.
David Bryant, chair of the New Homes Marketing Board which sponsors the new-homes site said; “These figures show that although young people want to own their own homes, it is becoming much more difficult. Supply is vital to increasing both affordability and stability in the market and offering opportunities to current and future generations available to their predecessors. It is crucial that many more homes are built over the coming years.
“In the short-term we must find a way of addressing the short term constraint – a lack of mortgage finance. Over the long-term though, we need a planning system that delivers enough land for the homes our country needs. These figures put into stark contrast the ongoing debate about our planning system and demonstrate why the Government must stand firm and find a way of increasing housing supply.”