A recent survey of 1,000 young adults aged 18 to 30 has revealed startling insights into the challenges they face when it comes to affording a home. According to the study, a fifth of young adults feel that they do not earn enough to be able to purchase a property. The research also found that half of the participants believe they may never be able to step onto the property ladder due to the high costs involved.
The study highlighted a significant shift in priorities among young adults, with home ownership no longer being a top goal for 91% of respondents. In fact, 45% of those surveyed have decided to put their dreams of owning a home on hold in order to enjoy life in the present moment. Additionally, two-thirds of young adults indicated that they would rather spend their earnings on immediate experiences rather than save or invest in a mortgage.
For many young adults, the prospect of purchasing a home seems increasingly out of reach compared to previous generations. A spokesperson for the mobile network company Slice, which conducted the research, acknowledged the financial challenges faced by young people and emphasised the need for alternative solutions. In a bid to address these issues, Slice is offering a house deposit worth £30,000 to one of its customers.
Despite the obstacles they face, almost half of the young adults surveyed are still attempting to save for a deposit, demonstrating their determination to achieve home ownership. However, the study also revealed that 45% of respondents who feel they may never be able to buy a home are experiencing feelings of sadness and being overwhelmed by the situation.
In an effort to make homeownership more feasible, some young adults are considering adjustments to their spending habits. For instance, 40% of individuals stated that they would reduce their takeaway consumption if it meant they could save for a home in the future. Additionally, 36% expressed willingness to cut down on clothes shopping, while 33% indicated they would dine out less frequently in order to save for a house.
The findings of this survey shed light on the financial challenges faced by young adults in the current housing market. With soaring property prices and stagnant wages, many are finding it increasingly difficult to realise their dreams of home ownership. As the conversation around housing affordability continues, initiatives like Slice’s house deposit giveaway aim to provide a glimmer of hope for those struggling to get a foot on the property ladder.