Fewer millennials stepping onto property ladder

October 10, 2017 by Brendan

Home owners

During the last three months, the only bracket of people to experience an increase property transactions has been those in the over 66 age group.

The period from April to June reported fewer property exchanges, although there had been an increase of 1% for those in the oldest age group, in comparison to the three months previous. In comparison to the same quarter in 2016, there had been an increase of 55% more home movers.

All other groups had seen a drop in numbers, with those aged between 18 and 35 seeing the greatest fall. A report produced by TwentyCi, an analyst company, shows that home buyers in this age group have dropped by 21.6% during the period April to June, while the figure has fallen by 13.4% in comparison to last year during the same period.

The chief customer officer of TwentyCi, Colin Bradshaw, said:

“As the rise of the more affluent and older homeowner continues, we are seeing real evidence of the millennial squeeze.”

The report also indicated that there had been more buyers at the high end of the property market, with more properties valued at £750,000 and over being sold. The report highlights the fact that millennials are facing difficulties when trying to get onto the property ladder, especially now that property prices are so high, with over a quarter of all UK property transactions funded with help from parents.

Mortgage advisors spend considerable time studying on CeMAP training courses so that they can help buyers of all ages get onto the property ladder.