Personal Finance

Youngsters 'postponing home plans'

Although more Britons than ever are planning to buy their own property, many younger people are not intending to do so in the near future, a study has found.

According to the study by the Council of Mortgage Lenders (CML), about 85% of Britons aspire to becoming homeowners within 10 years. This is the highest rate since the CML first started conducting the survey in 1975.

However, the research also highlighted that fewer people think they will be living in their own home two years from now. Currently, just 76% are planning to do so, down from 78% recorded in 2007, when the study was last conducted.

The CML found that there is a much lower appetite for buying homes in the short-term among younger people.

Only 42% of people aged between 18 and 24 said they wanted to own their own home within two years, despite the fact that this age group was most likely to want to live in their own property in 10 years' time at 88%.

The CML said the low number of young people who aspired to home-ownership in the immediate future was likely to be due to lifestyle choices, with them favouring flexibility and the ability to relocate easily in the short-term.

Sam Jackson

Money Dashboard