Homebuyers in their 20s are the main drivers of the property market, according to Alliance & Leicester’s quarterly Moving Improving index.
One in four people in their 20s is looking to buy a new home over the next two years, more than in any other age group.
According to the index, which surveyed 4,000 people, the main reason for this age group being so eager to get a mortgage is because monthly payments are currently cheaper than renting. A total of 23% of respondents said that this was the most important factor when deciding whether to buy.
The second most important factor persuading this age group to buy was the need for more independence. Buyers in their 30s, on the other hand, were tempted by more space and bigger gardens.
Other findings revealed single people are more likely to buy a home in the next two years. Singletons accounted for 19% of those planning to move compared to 13% of married people and 8% of those who are divorced, separated or widowed. People aged over 60 are the most reluctant age group to move, with only 4% planning a move over the next two years.
Commenting on the findings, Paul Cooper, head of mortgages at Alliance & Leicester, said: ‘Intention to buy has remained static for three quarters, but the desire of younger people to get on the property ladder shows that buyers have long-term faith in the UK housing market.’