MILLENNIALS are happy to live without a garage and garden in order to get onto the housing ladder, according to new research.
A study of 2,000 Brits aged 23-38 found over two thirds admitted they have a ‘realistic’ attitude towards their ‘dream home’ because they know how far their budget will stretch.
Getty – Contributor Young adults would rather have a smaller house than never make it on to the property ladder
When asked if they would settle for a smaller house, 58 per cent said they would sacrifices having a bigger house to have a higher chance of getting on the property ladder.
The young adults surveyed said having a property with multiple bedrooms, an en-suite bathroom and an open-plan kitchen with a dining area would make a house their dream home.
Transport links were considered important to the majority of millennials surveyed and those living in London said a home near a thriving high street would be desirable – more so than the rest of the country.
Those living in the capital also rated living near a good high street and within a thriving community higher than the rest of the country, with more than two thirds rating these as ‘important’.
Getty – Contributor Londoners said living by transport links and a bustling community would make a property more desirable to purchase
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The study, commissioned by The Gateway, a development of new homes in London, found 50 per cent of 23-25 year olds across the country would use the Help to Buy scheme.
Cathy Lloyd, sales and customer services director for the company said: “The research shows that millennials are knowledgeable about what they can and cannot realistically afford when it comes to the purchase of their first home, in terms of size, location and amenities.
“Interestingly, the priorities of those living around the country don’t vary too wildly.
“Across all regions, the priorities are transport links, ease of commute and proximity to family above all else – something which I’m sure will delight many a parent.”
Londoners are most likely to consider moving to a cheaper city in order to get on the ladder, with 73 per cent admitting they want to be a property owner but a quarter eventually give up on the dream.
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