We unpack the current state of play for first-time buyers, comparing their experiences to those of older generations, and consider how the pandemic, saving challenges and wealth gaps are shaping young adults' lives today.Download the full report
On average, first-time buyer saved £6,184 during the pandemic, but for many, saving wasn't possible at all: ¼ of first-time buyers earning less than £15,000 a year saved no money at all during the pandemic.
For younger first-time buyers, this rises to 31% who expect to delay having children until they can buy a home, and 29% also said they will delay other important life events and financial decisions for the same reason.
All age groups surveyed agreed that young people today face a steep challenge, with 53% of higher earning homeowners feeling guilt about the generational wealth gap. Unsurprisingly 70% of younger generations feel jealous of older people.
Generational support looks set to boom in 2022. 84% of homeowners stated that they would be happy to help their children onto the ladder if they could afford it, and 93% of first-time buyers would accept a gift or loan to buy a home.