Spotlight on London – What Do Millennials Desire in a Property?
The housing market has undoubtedly suffered negative coverage in the media in recent years and with millennials (people reaching young adulthood around the year 2000) struggling to get onto the property ladder, it has become a cause for concern for many.
With this in mind, it comes as a surprise that a recent study reveals that millennials feel optimistic when it comes to buying a home. The survey looked at the attitudes of millennials who have not previously held a mortgage or purchased a property. As the results differ from what is commonly reported, we look to find out more about millennials’ attitudes to buying a home.
Future intentions and location
A lot of millennials welcome the prospect of owning their own home. Even in today’s age of renters, the idea of owning a property is still desirable. When asked what would make their ideal first home, 34% of those living in London suggested that living in a flat/apartment would be their preferred choice of home. Unsurprisingly, that comes out higher than the UK as a whole, with just 19% preferring a flat/apartment as their first home. Another unsurprising find, was that Londoners are less likely to rent compared to the rest of the county and more likely to be living at home rent free.
The clear difference in house prices has meant that in the capital, Londoners are also more likely to compromise on location than anywhere else in the UK. The cause of this perhaps can be identified by the fact that 23% of those living in London agree that the Britain is experiencing ‘Generation Rent’, unlike other parts of Britain that disagree.
What can be done?
The data shows that those living outside of London are more likely to be optimistic about purchasing a property, whereas those living within the capital will doubt their ability to get onto the property ladder more than any other part of the UK.
For those Londoners who remain optimistic, and have stated they would prefer a flat/apartment as their first choice of home, they will need to ensure that they begin to set out ways they can try and save up for the initial deposit in order to accomplish this. Those looking to save can seek out Government schemes such as the ‘Help to Buy’ scheme. This allows the buyer to pay a deposit of as low as 5% in order to secure a property. However, Londoners are not very aware of the scheme and a knowledge gap on the topic was apparent in the results of the survey.
To help solve this problem, Londoners can seek out financial advice to find the best options available. If Londoners do the correct research, then the vision of owning their desired property can become easier to accomplish.
Alexandra Coumas is a Content Assistant at Performics