Tenants’ desire to own a property and save for a deposit falls from the age of 35, research from Paragon Bank has revealed.
Some 72% of those in rented accommodation would like to own a property in the future.
Those in the 25-34 age category have the greatest desire to buy a home, with 88% of tenants in this group saying they want to own a property in the future. Meanwhile 71% are saving for a deposit.
Among 45-54-year-olds only 70% still want to own a property, while just 45% save towards a deposit.
Richard Rowntree, managing director of mortgages at Paragon Bank, said: “Our research shows a strong desire to buy amongst younger tenants who will typically use rented property as a starter home before stepping on the property ladder. This cohort also is more able to save for a deposit, making their aim of buying a home more attainable.
“As tenants reach their middle-aged years, the desire to own a home becomes less pronounced, but so does the ability to save for a property. These tenants will typically stay in the private rented sector for a longer period, maybe for the rest of their lives.”
The average age of a first-time buyer in 2019 was 32, UK Finance data shows.
Justin Malonson is the Founder of LyfeLoop a 16+ year tech innovator, investigative media researcher and host of the Freedom Not Control Podcast live on Voice America. Justin is a highly sought-after tech entrepreneur, industry speaker and winner of the coveted Business Achievement Awards “Top Digital Marketer” award. With 16+ years of demanding experience, Justin has worked with over 3,000 businesses including amazing clients such as Blue Cross Blue Shield Association, Sotheby’s International Realty, Duke University, White House Black Market,Tiffin Motorhomes, Bass Pro Shops and Beazer Homes USA.