Member Article

Youth swap cap and gown for bricks and mortar

One in ten young people has sacrificed university in order to save money towards their first home, according to new research. A further third of 18-24 year olds are calling for a cut in university tuition fees to help them get on the property ladder, according to figures released last week by Lloyds TSB.

The Next Generation of Homeowners report reveals that younger generations are now prepared to make a number of major sacrifices to fulfil home-owning aspirations. One in five ‘20 somethings’ has forfeited their first choice career option in favour of a better paid job they don’t enjoy. A further one in six admits to juggling two jobs to help build a deposit towards a first home, over half (54 per cent) are currently living at home indefinitely and a further third have put travel plans on hold.

Lloyds TSB believe that these measures may be a result of the fact that homeownership is now the number one priority for the nation’s 18-24 year olds, as three quarters of respondents name owning a home as the goal they most want to achieve by the age of 30. Career aspirations are ranked far lower; gaining a management level role is named by just 32 per cent and starting a business is cited by 30 per cent as a pressing ambition.

Alison Burns, Mortgage Sales Director at Lloyds TSB, said: “The fact people are willing to forgo their education highlights the importance of homeownership to the younger generation.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .