Some 25% believed they would make their first purchase between the ages of 30 and 34.
This was supported by Barratt Homes’ findings that four in five Gen Z adults were actively saving for a house deposit.
Among those saving for a deposit, 20% saved an average of £100-299 per month. An additional 20% saved between £500 and £699 per month.
Adrian MacDiarmid, head of mortgage lender relations at Barratt Homes, said the survey painted an “optimistic” picture about Gen Z’s prospects for home buying.
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Only a fifth of Gen Z savers stay at home
Previous reports have described Gen Z as the stay-at-home generation, despite earning higher incomes than millennials did at their age.
However, Barratt Homes’ survey showed that only 19% of young adults lived at home to facilitate deposit savings.
Instead, almost a quarter were taking on extra shifts at work and 21% had a side hustle to supplement income. However, 38% resorted to cutting non-essential spending.
Awareness of home buying support schemes was relatively low among Gen Z respondents, as 19% said they were familiar with First Homes and shared ownership, while awareness of Deposit Unlock stood at 11%.
MacDiarmid added: “There is clearly still some way to go, as cost-of-living pressures continue to make it difficult for younger people to put money aside towards a deposit.”
