Gen Z in the Market for New Build Homes
Generation Z is putting homes above holidays with two thirds of renters under 24 already saving to secure their first home, according to a recent survey* by home builder Countryside.
Last month, Countryside surveyed the nation’s house hunters and found 92% of 18 to 24 year-olds want to use Help to Buy ahead of the 2021 deadline, with 66% already saving for a home deposit.
When asked who they intended on buying a property with, one third of Generation Z savers revealed that they hoped to one day secure a mortgage as a single buyer.
Deborah Hughes, Regional Sales and Marketing Director for Countryside, commented: “Help to Buy has been an incredible fast track for first time buyers across the country and, with 2021 fast approaching, the next two years will be critical for younger house hunters. Here at Countryside, we’ve experienced a high volume of young professionals and families securing their first homes through the scheme - for example, in 2017 64% of our buyers in the North West were first time buyers and many of those were able to secure their homes through this initiative.
“Interestingly, these new survey statistics indicate that the desire to own a property is now increasing within an even younger generation, with some as young as 18 already already saving for their future investment. Not only is the home buying demographic getting younger, but it is also becoming more independent, which is great news for those who don’t want to be trapped in the rental cycle. ”
For renters of all ages, 72% of survey respondents said that they’re considering investing in a new build home due to lower maintenance and redecorating costs, compared to an older property.
Deborah continued: “Our buyers often comment on why they have chosen to buy new and one of the most common reasons is affordability, not just in terms of the deposit but also in avoiding the hidden expense that is often associated with buying older homes. This, as well as the build quality, home efficiency and integrated appliances and specification that come with new build, I believe, have helped to create a new generation of homeowners and this is very welcome news for the whole industry.”
*Survey of 2,000 first time buyers, March 2018