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Millennials most likely to buy a home with one third planning to buy this year

Couple at The Apex Apartments

New research has revealed millennials[1] are the most likely of all generations to buy a new home, with over one third (37%) planning to do so this year. The research conducted by property developer Crest Nicholson shows confidence in the current market is stronger than perceived, as a fifth (20%) of all Britons plan to purchase property in the next 12 months.

 Despite economic and political uncertainty, 14% of those looking to buy believe the property market is performing well and now is a good time to buy. In fact, one in ten (10%) are looking to invest in property ahead of Brexit. This speaks to the strength of the property market currently for buyers. Over the course of the full year, 26% of buyers plan to secure an investment in property.

Of those who put their plans to buy a home on hold, Brexit and economic uncertainty proved to be the leading reason (46%). This is followed by being unable to achieve a savings goal (28%), an inability to secure funding (9%) and a changed relationship status (6%).

Marcus Evans, Sales & Marketing Director at Crest Nicholson Regeneration said: “Despite uncertainty surrounding Brexit and diminished consumer confidence, our research shows the property sector is set to perform well this year. We can see a high number of people looking to purchase property with millennials, upsizers and those looking for an investment property topping the list of the most motivated to buy.

“However, some people we spoke to expressed concern over their savings goal. We would always recommend people speak to mortgage experts if they have any doubt on what they are eligible for, as they may be surprised to see that they can actually afford a home. We’ve seen some people in our developments such as The Apex Apartments in Crawley taking advantage of the current competitively low mortgage rates and finding monthly repayments to be lower than expected.”

Speculation surrounding Brexit is also impacting perceptions of the market, with over one third (36%) of those looking to buy thinking house prices will drop and one in ten (13%) thinking they will be unable to sell their current home until after Brexit, while 28% are concerned about being able to afford a mortgage. However, initiatives such as Crest Nicholson’s Part Exchange and the Government backed Help to Buy scheme can assist people in selling their current property and help with securing their mortgage.

Marcus Evans continued: “There is undoubtedly wider uncertainty in the UK property market, however, now is still an excellent time to buy. Interest rates remain low and incentives such as the Government backed Help to Buy scheme are available for a limited time. Come 2021, the eligibility criteria for Help to Buy will dramatically change to exclude second time buyers and the maximum value for a Help to Buy property will be subject to different caps in each region. Prospective buyers looking to benefit from the scheme should look to buy now.”

[1] For purpose of this study millennials are classed as 18-34 year olds

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