Two thirds of young people say it's fine to live with parents for as long as they need
A third of respondents expect to use the Help To Buy Scheme
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Thursday 17 July 2014
A fifth of 16-24 year olds expect to own their first property somewhere between the age of 31 and 35, but in the meantime, 62 per cent say it is perfectly acceptable to live with their parents for as long as they need to if they are not able to rent or buy their own property.
Just over three quarters of those polled by youth insights consultancy Voxburner said they expect to own their first property between the ages of 25 and 35.
Around 84 per cent say they will fund the purchase using their own savings, while a third will buy jointly with a friend or partner, with 55 per cent predicting they will move abroad at some point.
Almost a third of respondents say they expect to use the Help To Buy Scheme or another similar first-time buyer initiative.
However, according to research from Bishop's Move, 15 per cent of 18-24 year olds think the Help to Buy scheme is a recently launched face-to-face, personal shopping service by the major supermarkets for over 60s. A further 11 per cent said they thought the Help to Buy scheme is a new web service to help online traders shop more securely on sites such as eBay.
Chris Marshall, Bishop’s Move Sales & Marketing Director said: "With Help to Buy targeted towards first time buyers, 18-24 year olds is a key demographic for the scheme. However, these stats will prove alarming for government officials who are relying on ‘Help to Buy’ to ensure people fulfill their ambitions of owning a property."
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