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Young adults shunning renting for homeownership on the rise

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  • 24/08/2023
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Young adults shunning renting for homeownership on the rise
More young adults are skipping renting altogether and going straight to homeownership than they were a decade ago, an analysis from a removal firm has revealed.

Over the years 2021 to 2022, Sadlers found that 98,000 adults went from living with their parents to becoming homeowners. This was a 55.5 per cent increase on the 63,000 who did the same in 2012 to 2013.

Based on data from the Office for National Statistics (ONS), the average age of a first-time buyer has seen little change from 30 to 31-years-old over the same period. However, this still indicates that people are living at home for longer.

As of June 2023, first-time buyers are paying £239,589 on average for their homes, which is 1.5 per cent higher than the year before.

However, this is £100,000 less than what former owner occupiers are spending, at an average of £336,257.

The cost of moving is more expensive for all buyers went up from £11,777 in 2021 to £14,207 in 2022, according to data from Which?. Of this, £649 is being spent on removals alone.

 

More interest in buyer schemes 

Despite the closure of Help to Buy, prospective buyers are still interested in schemes that can help them get onto the property ladder, Sadlers found. 

Looking at Google trends over a 12-month period, the firm found that there was an 80 per cent rise in searches for ‘first-time home buyer programs’, while queries for ‘shared ownership’ increased by 160 per cent. 

The firm said searches for ‘first homes scheme near me’ was also a “breakout trend” over the 12-month period. 

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