Are you an under-30 home owner? If you are, it seems that you’re in the minority. House hunters in the 18-30 age bracket are being forced out of the UK residential property market, the latest monthly report of the National Association of Estate Agents (NAEA) reveals. In April, younger home buyers were responsible for just 6% of residential property transactions, with the rest (94%) being made by buyers aged over 30.
Despite this huge gap, the uptrend in the number of first-time buyers remained intact last month. NAEA found that properties purchased by first-time buyers accounted for 28% of the total number of completed sales last month, up from 25% in March. The trend is likely to maintain going forward, with older first-time buyers entering the market as younger ones remain constrained by job issues and high student debts, NAEA’s managing director Mark Hayward commented.
Younger people are finding it more and more difficult to get onto the property ladder in the face of a constantly increasing demand for homes in the country. According to members of the association, there were 392 registered house seekers per branch in April, or 20% more than a month earlier, meaning as many as nine (8.7) house hunters were looking at every property available.
Spring is usually a strong home-buying season, but the number of house hunters registering with NAEA members in April was record-high, touching levels seen long before the recession back in August 2006, Hayward noted.
NAEA also found that the majority (89%) of buyers were people seeking to purchase a home with a partner and only 9% wanted to buy on their own. Some 74% were planning on moving home within their local town or city.
Which category do you fit into?