For those aged 25 to 30, high house prices are the dominant issue, with 56% naming them as a key concern. Rising mortgage rates are a worry for 37% of this cohort, making affordability the central pressure for younger millennials.
Buyers aged 31 to 40 show a different set of priorities. Over a third (36%) cite unexpected repair costs as their primary concern once in homeownership, indicating a shift from pre-purchase anxieties to the ongoing financial responsibilities of maintaining a property.
Despite these affordability pressures, awareness of products designed to address them remains low. Only 19% of 25- to 30-year-olds and 15% of 18- to 24-year-olds were aware of track record mortgages, which factor in rental payment history when assessing affordability. Awareness of part-and-part mortgages — which combine repayment and interest-only borrowing to reduce monthly payments — was similarly limited across all younger age groups.
“Our research shows there’s no longer a one-size-fits-all first time buyer journey,” said Rachel Geddes (pictured right), strategic lender relationship director at Mortgage Advice Bureau. “Every generation is facing a different set of financial pressures and priorities when it comes to getting onto the property ladder.
“Many of these concerns are completely understandable, particularly at a time when affordability pressures remain high and buyers are trying to navigate rising living costs alongside saving for a home. However, there are now far more flexible lending solutions and affordability-focused products available than many people realise, designed specifically to help first time buyers overcome some of these financial barriers.