Research from Alliance & Leicester has revealed that property ownership is a key aspiration for 20-somethings.
Over half of 18 to 29 year olds cite property ownership as a realistic goal by the age of 30, which A&L says is possible. This is based on the average age of first- time buyers being 29, up from 28 in the early 1990’s.
Meanwhile, 67% of borrowers recently polled by A&L claim to have bought their first home by their 30th birthday.
Richard Taylor, head of mortgage products at A&L, says: “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 20s.”
A&L’s research also showed that before jumping onto the property ladder, renting is the preferred option for those living away from home.
Renting with a partner prior to owning a first property was seen as a natural progression for 50% of 18 to 30 year olds.
Taylor adds: “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.”