FTB’s are getting older
Are increasing property prices solely responsible for pushing the average age of the FTB up by more than 30%? Probably not! Suggests a new study.
The study revealed that in as little as two decades, the average age of the first time buyer had rose from 26 to 35. It is thought that increasing house prices, continuous rises in the cost of living, and a relatively meagre increase in national earnings are causing many FTB’s to put their dreams of buying a home on the back burner.
As a general consensus, society almost unanimously agrees that today’s first time buyers are having a tough time, although experts do not believe that issues in affordability are the sole reasons for the age gap increase. It is believed that drastic changes in attitude amongst today’s younger generation play a far more significant role in the delay to buy a home.
Today’s FTB generation are considerably more ambitious, far more inclined to gain financial independence and less ready to conform to social ideals than they were 2 decades ago. These facts coupled with the current strength of the housing market appear to be the most obvious reasons why FTB’s are less enthused to buy a home…in a rush that is.
