Getting on the Property Ladder: Young Buyers Still Believe Homeownership Is Achievable

Despite rising house prices and the challenges of saving for a deposit, the dream of homeownership remains firmly alive for younger generations.

According to the latest English Housing Survey, 69% of 16 to 34-year-olds still expect to buy a home eventually, exactly the same proportion as a decade ago. While many accept that getting there may take longer, the aspiration to own a home has remained remarkably resilient.

More Young People Are Becoming Homeowners

There are encouraging signs that progress is being made.

Today, 42% of households headed by someone aged 16 to 34 are owner occupiers, compared with just 31% ten years ago. At the same time, the proportion privately renting has fallen from 50% to 43%.

These figures suggest that while the journey may not be easy, more young buyers are successfully taking their first step onto the property ladder.

Saving Still Leads the Way

For those who have already bought their first home, personal savings remain the most common route to raising a deposit.

The survey found that:

• 78% used their own savings.
• 29% received financial help from family through a gift or loan.
• 21% used equity from the sale of a previous property.

While family support can make a difference, the majority of buyers are still relying primarily on careful saving and financial planning.

Patience Is Part of the Process

Young buyers are also realistic about the timescales involved.

Almost half (49%) expect it will take five years or more before they purchase a home, while only 11% believe they will buy within the next one to two years.

Although this highlights the affordability challenges facing first-time buyers, it also reflects a generation prepared to plan ahead and work towards long-term goals.

What Does This Mean for Buyers in St Albans and Harpenden?

Buying your first home can feel daunting, particularly in sought after areas such as St Albans, Harpenden and the surrounding villages, where demand remains consistently strong.

However, there are always opportunities for buyers who understand the market and prepare early. Whether that means building a deposit, securing a mortgage agreement in principle or identifying the right location, taking small steps now can make a significant difference later.

Working with experienced local agents and mortgage advisers can also help first-time buyers understand what's achievable and ensure they're ready to act when the right property comes along.

Andy Bradford, Partner at Bradford & Howley, says: "Buying your first home can seem like a long journey, but it's encouraging to see that the ambition to own a property remains as strong as ever. We regularly help first-time buyers navigate the process, understand their options and find homes that suit both their lifestyle and budget. Preparation, good advice and knowing your local market can make all the difference."

Whether you're hoping to buy your first home this year or simply beginning to plan for the future, we're here to help you understand the local market and guide you every step of the way.

Thinking about buying your first home? Contact the Bradford & Howley team for friendly, expert advice on taking that first step.