Under 30s aspire to home ownership in 2010

The property market is likely to be propped up by the under-30s this year according to the latest research from reallymoving.com, provider of online quotes for home-moving services.

The reallymoving.com survey asked respondents if they were planning to move home this year. The research found that whilst just over a quarter (27.5%) of people in the UK are planning to move this year, this figure doubles (52.9%) for those aged under 30. These aspirations are in stark contract to recent figures suggesting the number of first-time buyers in the market is at an all time low.*

The main reason for moving for the under 30s is to get onto the property ladder, with 57.1% claiming that they hope to buy their first property in 2010. Other reasons include moving to a bigger property (28.6%) and relocating for lifestyle choices such as proximity to bars and restaurants (14.3%).

Rosemary Rogers, Director, reallymoving.com comments on the findings:

“This research shows great tenacity from young people who have had their home ownership aspirations killed off in recent years by high prices and a severe shortage of lending.

“In order for the market to continue to prosper, new measures must be introduced by both lenders and the Government to help those at the lower end of the market make their longed for move. Initiatives such as abolishing stamp duty for first-time buyers and introducing Government backed low cost loans could both help the nation’s young reach their goal of owning a home.

“In the fifty to sixty plus age bracket the majority of respondents cited downsizing and relocating for lifestyle as the primary reasons for moving. As pensions have decreased in value and the retirement age rises increasingly this age group will be forced to move to release their property assets.”