95% of Brits are confident they will own their own home
New research from icount.co.uk shows that 60% of Brits think they will own a house by the time they are 30.
Majority of Brits focused on owning their own property
Properties are not only expensive to buy, but also to maintain. The study also shows the regional differences. In the North East of England, there are higher aspirations of owning home before 30 as opposed to those living in the South East. Those in the South East do earn more, but the difference in mortgage commitments far outstrips the difference in incomes.
Compare this with 30 years ago where housing was considerably cheaper than it is today. The reality is that the older generation have benefited immensely from the rising prices. Not only that, but older property owners who still have mortgages have benefited hugely from the very low interest rates in recent years. With low risk, small mortgages in relative to their property values, this generation have been able to pay much less interest than people who are have recently bought now.
Samuel Mond, CEO of icount.co.uk comments: "Although today's report that the number of people in the UK owning their own home has dropped to the lowest levels last seen 30 years ago - our research points to confidence from the British public that the majority will one day own their own property.
"Our report suggest that a staggering 95% of Brits feel confident that they will own their own property - with the most common age of a first-time buyer being between 25-30. This is fantastic news for both the UK economy and for younger people saving to purchase their first home, even if they don't perhaps make it happen in their early twenties"
Should you buy a house in your 20s?
A lot of people say that millennials will never be able to afford one, but many still aspire to own one buy by the time they reach 30.
Unlike other nations, the British economy is built on home ownership. With the house prices having risen to levels that their parents and grandparents could never have imagined, our young generation do not seem to be dissuaded from buying a property.
Saving a deposit for a house or flat is the first major step, and can seem a daunting task, particularly with house prices continuing to rise. The government's Help to Buy scheme has definitely eased the strain on first-time buyers by increasing the amount of 95% loan-to-value (LTV) mortgages available.