Property and mortgages

Under-30s ‘are not buying homes’

The number of homebuyers aged between 18 and 30 remains at an all-time low, with sales to people in that age bracket accounting for just 3% of the market in August.
Although there was a rise in the proportion of first-time buyers, the National Association of Estate Agents (NAEA) said its figures pointed to most people in that category being in the 31-40 age group.
Meanwhile, although the NAEA welcomed the fact that more than a quarter of all sales involved first-time buyers, it said its members overwhelmingly thought there would be a negative impact on the market by an imminent rise in interest rates. It said that a large minority of its members had already seen signs of falling demand.
“Reports from our NAEA members suggest that the high house prices of the current housing market are still proving a barrier for the younger generation,” said NAEA managing director Mark Hayward.
“It is evident that first-time buyers are indeed getting older, with the majority of homebuyers this month aged 31 to 40.
“The lack of young people unable to buy their first home before the age of 30, having to rent or stay at home for longer in order to save, is concerning.”
He added: “The gap between supply and demand only continues to push up house prices, making opportunities for the younger generation to get on to the property ladder even slimmer.”