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Millennials continue to be squeezed out of property market - homebuyers aged 18-35 drops 21%

Posted by Rhiana Duckett December 15, 2020

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The Telegraph recently reported, using the latest data from TwentyCi's Q3 Homemover Report, that the number of homebuyers aged 18-35 has dropped by 21.6% over the last quarter, and 12.4% year on year. This highlights the difficulties faced by young people wanting to get onto the property ladder.

The Bank of Mum and Dad has also become the 9th largest mortgage-lender in the UK. In 2016 alone, they provided deposits for more than 298,000 mortgages. House prices are so inflated now that the average age of a first time buyer in the UK is now 30, rising to 34 in London. 

The "silver economy" of those aged 66 and over, are the only group to have seen an increase in the number of property exchanges over the past quarter. Growth in the market has also been driven by the top end, with an increase in buyers in higher income brackets. 

The property market in general is showing signs of stabilising over Q3 - prices are up 1.5% compared to last year's Q3 and exchanges are up by 15.2% year-on-year. 

To read the full article from The Telegraph, click here. Click here to read TwentyCi's Q3 Property & Homemover Report, covering the whole of the UK property market with exclusive access to more than 29 billion qualified data points for both property purchases and rental, exploring through robust data and insight, the latest trends impacting the sector.