- More than a third (38%) of young first time buyers would look to move again within two years
London, 18 November 2014 – Almost six in 10 (58%) homeowners over the age of 60, and approaching retirement, have yet to own their dream property, according to a survey carried out by property search engine Placebuzz.com. Home ownership is an aspiration for many Britons, and we all dream of buying that perfect property and putting down roots. But the gap between the dream and reality has never been wider as UK property prices have skyrocketed over the past 15 years.
Although more than three quarters (78%) of those homeowners polled said they aspired to own their dream property, two thirds (66%) of homeowners said they have never been in a position to, with affordability cited as the main reason.
For the younger generation, that first home is not about finding their dream property, but more about simply getting onto the property ladder, whatever it takes. And more than a quarter (27%) of those young first time buyers polled, aged between 21-30, admitted that once they got their foot on the ladder, they planned to move again within two years.
They were willing to be flexible on the location, condition and type of property to achieve their objective. It shows that for many first time buyers their first property purchase is a practical rather than an aspirational purchase.
Competition between buyers remains a major stumbling block when it comes to a property purchase, and with intense competition for the best properties in many parts of the country, people are willing to go to any lengths, well almost any, in order to avoid missing out on a property.
Almost half (47%) of respondents said they’d be happy to take part in a sealed bid process while a third (32%) admitted they had or would make an offer after only one viewing. Almost three quarters (72%) said they would go back to renting or live with family members to ensure they were chain-free when they started the buying process.
Andy Hatoum, co-founder of Placebuzz.com, comments: “Home ownership will always be an emotive subject for the British public. Property is more than just bricks and mortar.
“Most of us dream of owning that perfect property one day, whether a quaint cottage in the country, a city centre pad or a family house down by the coast, but the booming UK property market, has dashed the hopes and dreams of many people.
“It’s fair to say that many homeowners are now probably resigned to the fact that their dream home may always be out of reach.”