It’s 2020, where are you going to live this year?
The average age of a first-time buyer in the UK has risen to 30, meaning that most people will be saving for a home throughout their twenties. However, young people are the least confident that they will be able to buy somewhere in their childhood city, with 44 per cent of 18-24-year-olds believing that their local house prices are too expensive.
The Housing Secretary, Robert Jenrick MP, announced plans to give first-time buyers a 20 per cent discount if they purchase property in the area where they grew up.
A study of 2,000 UK adults suggests that such an initiative is much-needed.
Regionally speaking, the people of Cardiff are the most despondent about their chances of buying a property in their area, with over half of those who grew up in the Welsh capital thinking that local houses are out of their financial reach.
In contrast, Brits born in Sheffield and Bristol feel that they have the best chance of buying in their city, with just a quarter believing it won’t be possible.
Zah Azeem, Partner, Scrivener Tibbatts said: “Surprisingly, Londoners feel fairly confident that they will be able to afford the city’s notoriously high house prices. According to Good Move’s research more than three in five people born in the capital think that it’s likely that they will be able to buy somewhere in their area.”
The research also asked Brits exactly how close they want to live to the place they grew up. On average, people would like to live 21 miles away from their parents, but the younger generations are less bothered about being nearby.
The age group most keep to keep distance from their family is 25-34-year-olds, whose optimum distance is 24 miles.
Brits are less interested in living near their in-laws, with the average desired distance being 36 miles. Interestingly, while women like to live closer to their parents then men do, the reverse is true for in-laws.
The 10 cities where people are most unlikely to be able to afford to buy property in their childhood area are as follows:
1) Cardiff – 51%
2) Norwich – 43%
3) Belfast – 41%
4) Nottingham – 40%
5) Manchester – 38%
6) Southampton – 38%
7) London – 38%
8) Liverpool – 37%
9) Leeds – 34%
10) Newcastle – 34%
If you would like to discuss this or something related to a valuation please contact zah@scrivenertibbatts.co.uk or call us on 020 8947 7040.
