A staggering one in four millenials have given up on ever owning their own property, according to new research, while many youngsters would be happy to sacrifice a garden and garage in order to get onto the housing ladder.
The study of 2,000 people in the UK aged 23-38 found over two-thirds admitted they have a “realistic” attitude towards their “dream home” because they know what they can and can’t afford.
The report revealed the modest “dream home” for millennials would include more than one bedroom, an en-suite bathroom and an open-plan kitchen and dining area.
When it comes to choice of area, the top priority was the commute to work, with a quarter of Londoners considering transport links important.
Those living in the capital also rate living near a good high street and within a thriving community higher than the rest of the country does, with more than two-thirds saying these are important.
Cathy Lloyd, sales and customer services director for L&Q, said: “The research shows that millennials are knowledgeable about what they can and cannot realistically afford when it comes to the purchase of their first home, in terms of size, location and amenities.
“Interestingly, the priorities of those living around the country don’t vary too wildly.
“Across all regions, the priorities are transport links, ease of commute and proximity to family above all else – something which I’m sure will delight many a parent.
“Buying a property is a huge achievement and it’s good to know that younger generations are clued up with regards to the help that’s available from the likes of Help to Buy which can really make all the difference to those struggling to pull together a deposit.”
Londoners are the most likely to consider moving to a cheaper city in order to get on the ladder.
Future homeowners expect they’ll get the keys to their first property at the age of 35 – and they’ll stay there for five years before selling up.
And four in 10 admit they’d happily sacrifice their gym membership, eating out and takeaway coffee to save up for a deposit on their first home.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies