Home Residential PropertyFirst-Time Buyers 55 per cent of millennials putting off buying a house due to Brexit

55 per cent of millennials putting off buying a house due to Brexit

by LLP Reporter
5th Feb 19 11:46 am

A new study, commissioned by BWML a UK leading residential and leisure mooring provider, revealed that although most (55%) millennials (18 to 34-years old) are currently holding off buying a property because of the struggle to save for a deposit. The study also showed that just over a quarter (26%) of this same age group are actually holding off getting on the property ladder due to the ambiguity of the UK’s exit from the EU.

In the meantime, when asked if they would consider a temporary alternative dwelling, as opposed to a more traditional bricks and mortar home, 53% said they would live in a caravan, 33% said houseboat and 14% said a trailer.

>>Find the right mortgage deal for you in 60 seconds

51% said they would even consider making this their long-term/permanent home with 27% saying they would happily raise a family on a houseboat, avoiding Brexit’s unpredictable effect on the housing market.

Kat Bird, travel blogger at Wandering Bird and an alternative lifestyle enthusiast, believes people may be looking into unconventional homes due to the ambiguity of Brexit.

She said, “I think more people are looking for security in the uncertainty of Brexit.

“A house is a much larger purchase than some of the alternatives available and people, particularly first time buyers, may be putting off this big life purchase until they know where they stand with the possible changes to the housing market due to Brexit.”

Plain sailing to a better way of life

Although the majority (48%) admitted the main attraction of alternative living was affordability, 25% said they were drawn to the health and well-being benefits associated with the lifestyle.

>>Find the right mortgage deal for you in 60 seconds

Of the same group 15% were attracted to the eco-friendliness of alternative living, while 10% would find it more convenient for travel.

Until a Brexit decision is arrived at, it seems that a large number of millennials will remain in property limbo, perhaps having a detrimental effect on the UK housing market.

For now though, it seems alternative homes may be, at least, a temporary option for millennials looking for independence but who don’t want to be snared by the renter’s trap.

Leave a Comment

You may also like