New research has revealed that the vast majority of young people in the South West still dream of owning their own home, but many of them don't know the options available to them.
80% of those surveyed hope to get on the housing ladder one day and only 3% say they don’t ever want to buy a property.
This comes just days after the release of government figures showing home ownership in England at a 30-year low.
A nationwide survey of 2,000 UK 18-40 year olds who have never owned their own home was commissioned by life insurance provider Beagle Street, take a look at the full report here.
The research also provides a snapshot of where the region’s 18-40 year olds who don’t currently own a home are living:
Encouragingly, 67% of those surveyed in the South West are saving into a savings account or ISA, with 55% typically paying in every month, and a further 11% paying in weekly or fortnightly – a good first step towards accumulating a deposit.
One in five (20%) of savers among the region’s potential homebuyers have saved over £5,000.
Yet despite good savings habits only 6% feel well informed about the government help available to support first time buyers, including Help to Buy, Shared Ownership and the new Lifetime ISA, launching in April.
The reasons for the lack of understanding are varied:
The survey findings suggest that many young people have the potential to buy their own home, but lack information on the various parts of the buying process, from accumulating a deposit, to taking advantage of a Government scheme and understanding how the purchase process works.