The struggle is real when it comes to trying to find an affordable home to call your own, especially in an unstable housing market. But there could be a solution to finally getting yourself on the property ladder if you’re willing to forgo a few key features during your search.
Related: First-time home buyer guide – how to get on the property ladder for the first time
According to new research, millennials are happy to live without a garden or garage if it means they can buy their own home sooner rather than later.
The study of 2,000 Brits aged between 23 and 38 year olds found over two thirds admitted they have a ‘realistic’ attitude towards their ‘dream home’ because they know what they can and can’t afford.
A further 58 per cent even admitted that they would settle for a smaller property than they’d like if it meant getting the keys to their first home.
Other factors that were considered high priority while searching for a home include the commute to work, with a quarter of Londoners considering transport links as ‘important’.
Those living in the capital also rate 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’.
Related: Property on the market? You could make £11K more if you sell your house on these dates
The study, commissioned by The Gateway, a development of new homes by L&Q in Chiswick, west London, found that the list of priorities for choosing a first home don’t vary widely around the country.
‘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,’ said Cathy Lloyd, sales and customer services director for L&Q.
‘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.’
With 73 per cent of millennials aspiring to be a property owner one day, with some expecting to get the keys to their first home at the age of 35, one quarter have given up the dream of being a homeowner completely.
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