According to a survey by Together that surveyed 2,000 adults in the UK in January, when asked where they would put money if they had £25,000 or more to invest, over half of millennials would choose property, which compares to 17 per cent of baby boomers.
Nearly half of millennials said they were keen to buy a property, given the chance to improve its value, and 37 per cent pointed to helping future generations by passing it on.
Both of these reasons were less of a concern with baby boomers, the research found.
Around 45 per cent of millennials said they wished they were in a position to buy a property sooner.
First-time buyer affordability ‘concern’ but property ambition remains
Alan Davison, director of customer sales at Together, said that over the last 50 years in supporting homeownership and commercial property ambitions in the UK, Together had seen its “fair share of ups and downs in the market”.
He said: “While less volatile, first-time buyers in the early 1970s faced high prices before a dramatic drop in the economy took hold in 1973. And so, it is encouraging that, while affordability remains a concern, there continues to be a healthy appetite for homeownership.”
Davison continued that its research shows “young people’s unrelenting desire to open doors to new properties, whether that’s to create family memories or develop exciting new projects for wider public use”.
“Prices may be high, and many first-time buyers will be hopeful for some inflationary and interest rate relief this year. However, millennials are continuing to see value in property ownership not only as an investment vehicle, but also as a part of their future succession plans, which sheds a positive light on the property market moving forward,” he added.
Figures from Yorkshire Building Society show that first-time buyers fell to a 10-year low in 2023, but still made up around a quarter of the market, according to Skipton Building Society.
