Times have changed for nation’s first time buyers

A fifth of millennials had to ask their family for the deposit for their first house versus just 11 per cent of baby boomers, according to lender Together.

Its research also found that a fifth of millennials moved back in with parents to help save for a deposit compared to just four per cent of baby boomers when they were young.

Almost half of hard-up millennials wish they had been able to get on the property ladder sooner when prices weren’t as steep.

Nearly half, 49 per cent, of baby boomers advise today’s first-time buyers to “get on the ladder as young as possible” but are now faced with having to play a crucial role in helping the younger generation to do so.

Alan Davison, Director of Customer Sales at Together, says:

“If a millennial had a pound for every time they had heard ‘When I was your age, I’d already bought a house’ 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.

“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 firsttime buyers today who are facing an incredibly difficult market stalked by high inflation and looming interest rate decisions.

“Since 1974, when Together’s first lent on a mortgage, the average house price has shot up from £8,915 to £284,950. Even when adjusted for inflation, that equates to a rise of 158 per cent. With this in mind, we are seeing first-time buyers of the 1970s do what they can to help today’s first-time buyers.”