Millennial first-time buyers (FTBs) remain unshakeable in their ambition to get on the ladder in the next five to 10 years, with their parents offering support, research from Together has revealed.
A fifth of millennials had to ask their family for the deposit for their first house, compared with 11% of ‘baby boomers’.
In addition, 45% of millennials wish they had been able to get on the property ladder sooner when prices were not as steep.
19% of millennials who had managed to get on the ladder advised others to hold onto their property and pass it onto younger generations.
Nearly half (49%) of baby boomers advised FTBs to get on the ladder as young as possible.
More than half (52%) of baby boomers said they did not have any property regrets given the notably easier and cheaper task of getting on the ladder 50 years ago.
Alan Davison, director of customer sales at Together, said: “When I was your age, I’d already bought a house.”
“If a millennial had a pound for every time they had heard this phrase from a parent, relative or older colleague, they’d probably have enough money to purchase a property!
“Or, they might if house prices were still at the levels they were in the 1970s and 1980s when their parents took their first steps onto the property ladder.”
He contined: “For the baby boomer generation, many of whom would have first bought when the market was very different and arguably easier to access, there is little need for regret.
“This is understandably quite different from millennial first-time buyers today, who are facing an incredibly difficult market stalked by high inflation and looming interest rate decisions.
“Since 1974, when Together’s founder first lent on a property mortgage, the average house price has shot up from £8,915 to £284,950.
“Even when adjusted due to inflation, that equates to a startling rise of 158%.
“With this cost pressure front of mind, we’re seeing first time buyers of the 1970’s do what they can to help today’s first-time buyers get on and then cling to the ladder.
“Indeed, many of today’s first time buyers aim to do so with a key priority of ownership being to pass down this valuable asset to future generations.”
Davison concluded: “Together is proud to say they have been opening doors for first time buyers over the last half a century.
“Helping people, no matter what generation or challenges they may face, get on the property ladder and achieve their life goal and ownership ambition.”