At least 50 per cent of home-buyers in the age group of 18-35-years, especially first-time buyers, plan to cash in on their partners to help get onto the property ladder. Consequently, the ‘Bank of BAE’ (partner or loved one in colloquial terms) is set to play a significant role in the UK residential property market.
The latest Halifax Generation Rent research found out that 45 per cent of 18 to 35-year-olds want to buy their first home with the support of their partner. The study also revealed that twice as many men (one in five) than women admitted waiting for their partner to try and get on to the property ladder.
The research has highlighted for the first time a difference in mind-set between men and women about buying a home. It revealed that women are less confident about getting on to the property ladder as 42 per cent claimed that buying a house wasn’t realistic when compared to 35 per cent of men.
Unsurprisingly, the lack of income was the biggest barrier for young people getting on to the property ladder, with 55 per cent of men blaming their salaries, compared to an overwhelming 70 per cent of women. One in 20 of those under 35 have already given up the idea of owning their own home, with the same number admitting that they’re not sure if buying a house is the right choice for them.
These findings present a grim picture of the housing market, especially the youths, the future of our nation. The stakeholders of the housing market should come up with innovative models to make housing affordable to the youths.
One in 20 of those under 35 have already given up the idea of owning their own home, with the same number admitting that they’re not sure if buying a house is the right choice for them.