Millennials Home buying Survey 2015
Find out the Homebuying Process
Discover how Millennials feel about purchasing their first property, 'Generation Rent' and their view on the current housing market.
The results of NatWest's Millennials Home Buying Survey reveals how young people view the current UK housing market in 2015, discusses the challenges that first time buyers face and the idea of generation rent.
Discover the highlights of this survey along with more detailed information according to region, gender, age, current living situation and stage in the house buying process.
And a further 22% of repondents believe they can afford to save a deposit in less than 2 years
The remaining 59% of repondent who believed they did know the required deposit came to an average of 20%
78% believe that the wider UK economic conditions have negatively affected their chances of becoming first time buyers
Of the 75% of millennials who are aware of the Help to Buy scheme, 44% do not know how to apply.
As part of the Millennials Home Buying Survey 2015, 1,500 participants aged 22-30 took part in completing a 10 minute survey. To find out more results, download the full data set below.
Icon expand What are millennials current circumstances and future intentions?
- Men are more likely to be living at home with their parents’ or guardian’s but are also more likely to be actively looking
for a property.
- Men also appear to be closer to buying, are more engaged and more optimistic about owning a property.
- Those actively looking and browsing for a property currently live with their partner but those who live at home are less
likely to be actively looking.
- Londoners are far more likely to live at their parents’ or guardian’s home rent free and are therefore least likely to rent
with a partner vs the rest of the country.
Icon expand How do Millennials feel about the current housing market?
- Across the board, the general consensus is that the wider economic conditions have negatively affected people’s
chances of becoming a first time buyer in particular, in the North West and the Midlands.
- Millennials aged 25-30 are more likely to disagree that UK is currently experiencing ‘generation rent’.
- The North West and Scotland are most likely to agree that the UK is experiencing ‘generation rent’, whereas the East of
England and the South West are more likely to strongly disagree with this.
- Those living with friends feel the most strongly that the wider economic conditions have negatively affected their
chances of becoming a first time buyer compared with those who live at home rent free.
- Females are likely to think they will be older than men before they can afford the deposit on a property.
Icon expand Do Millennials understand the realities of the housing market?
- Millennials aged 25-30 are more likely to think they need up to 20% deposit, whereas younger age groups think they
- Those not currently looking for a property believe it will take 5+ years to save for a deposit versus those who are actively
looking who say 2-3 years.
- Women are more likely to think it will take them over 30 years to pay off mortgage and over 5 years to save for a deposit.
It also appears that women seem to be saving less as more say that ‘none of their salary’ is going into savings.
- East of England are more likely to save more than half of their salary in comparison to Scotland who save less than a fifth
of their monthly salary.
- 65% of Millennials would turn to the bank as their main source of financial advice when looking to purchase their first
Icon expand Are Millennials aware of the Help to Buy scheme?
- Millennials aged 25-30 are more likely to be aware of the Help to Buy scheme, and are also more likely to apply for it.
However, the younger age group are still optimistic about buying a property as a result of the scheme.
- Awareness of the Help to Buy scheme is highest among those who rent with a partner and it is this group along with
those who rent alone, who are most likely to apply.
- Those actively looking or browsing for a property feel more optimistic about housing market as a result of the Help to
- Men are more likely to apply for Help to Buy scheme and know how to apply.
- Apart from Yorkshire and Humberside, awareness of Help to Buy scheme is lowest in London.
- Those living in Wales most likely to apply for scheme, those in East of England least likely to.