Home ownership is no longer a top priority for 91 per cent of young people

Half of young people don’t think they will ever get on the property ladder – because it’s so far out of their reach. Which may be why 91 per cent of the 1,000 18 – 30-year-olds polled said home ownership is no longer the top priority. Nearly half (45 per cent) have put their dream on the backburner while they live life to the full. While 63 per cent would prefer to enjoy the money they earn and not put it all into savings or a mortgage. As many as 22 per cent would prioritise advancing in their careers and one in 10 would rather pay off their student loan. It also emerged 73 per cent want to take advantage of travelling and enjoying their life while they can – treating themselves as often as three times a month to things like a meal out or a new item of clothing. A spokesperson for new mobile network, Slice, which commissioned the research and rewards customers with cashback and the chance to have a say in its product features, said: “We understand that it’s hard out there for young people to buy their first home. “We’re equally tired of hearing older generations tell us to cut back on takeaways to be able to afford a deposit. “Times have changed in the last 20 years – becoming a property owner then was far easier and not as overwhelming financially. “It’s no wonder so many have given up and would rather spend their hard-earned money on life experiences.” The research also found 58 per cent don’t think they will ever be able to buy a property by themselves. And 23 per cent feel they don’t have a high enough salary to afford a mortgage for anything decent. But 49 per cent are still trying to save for a deposit, regardless – leaving 45 per cent of those who don’t think they will ever be able to buy feeling sad or overwhelmed. That said, 40 per cent of those polled, via OnePoll, would cut down on takeaways if it could help them to afford a house deposit in the long run, While 36 per cent would reduce the amount of clothes shopping they do and 33 per cent wouldn’t go out for dinner so much. The spokesperson for Slice, which is giving away a house deposit worth £30,000 to one founding member, added: “It’s overwhelming when the things that are important to so many people feel completely out of reach. “And we know, first hand, how hard it is for the next generation to get themselves on the property ladder.”