Young value leisure more than homes

Last Modified: 10 Aug 2007
Source: PA News

Young people are putting off buying their first home for social reasons as well as financial ones, research showed.

The average age of a first-time buyer has risen by 26% during the past 30 years, increasing from 27 in 1977 to 34 today, according to mortgage lender GE Money Home Lending.

But while some of this increase can be put down to soaring house prices, with the average cost of a property rising by 1,436% during the period, there has also been a marked change in attitudes and priorities among young people.

Just half as many 25-year-olds cite buying a home and getting married as being a priority as did so in 1977, when 30% were keen to buy their first place and 20% wanted to tie the knot.

In 1977 one in 10 young people also said having children was important to them, compared with just 7% today.

Instead today's young people are far more likely to prioritise spending time with friends or on leisure pursuits, with 22% saying this was a priority, compared with just 7% of people 30 years ago. Travel is important for 9%, and 6% want to focus on their career.

In fact, young people today rate having satellite television above having children.

Unsurprisingly, this shift in attitudes has led to an increase in the average age in which people carry out major life events, with the average age at which people get married rising from 24 to 31 over the past 30 years, while people are now around 30 when they have children compared with 27 in 1977.

But affordability of a home is also an issue, with 76% of people saying they think affordability for first-time buyers is now the worst it has ever been, while young people taking their first step on to the property ladder can expect to devote a quarter of their income to mortgage repayments.

The report, which was carried out for GE Money by The Future Foundation, said the lifestyle choices young people were making contributed to their affordability problems.

These news feeds are provided by an independent third party and Channel 4 is not responsible or liable to you for the same.