A survey of 1000 people actively looking for property to buy has provided further evidence that Generation Y is turning to the ‘Bank of Mum and Dad’ to get on the property ladder – many are unaware of Help to Buy.
The research, carried out by removals company Bishop’s Move, which is this year celebrating its 160th year in business, found that 42 per cent of those aged between 25-34 years old said their greatest challenge to buying a property is the ability to raise a deposit. This is compared to 23 per cent for those aged between 35-44 years old.
Interestingly, just 14 per cent of those aged between 18-24 said their greatest challenge to buying a property was the ability to raise a deposit.
Bishop’s Move’s Sales & Marketing Director, Chris Marshall, comments:
“I think there is now an acceptance amongst some parts of the younger generations that they don’t have a choice but to turn to the ‘Bank of Mum and Dad’ if they want to get on the property ladder, which is why I think the figures for those aged between 18-24 are so low – raising a deposit isn’t a concern to them now as they know that safety net is there.”
When also asked ‘What is the Help to Buy scheme?’, respondents were given a list of five options; 16 per cent of 18-24 year olds said the Help to Buy scheme is a recently launched face-to-face, personal shopping service by the major supermarkets for over 60s.
In fact less than half (42 per cent) said they understood what the Help to Buy scheme is. A further 11 per cent of those aged between 25-34 also thought that Help to Buy was a new service launched by UK supermarkets.
Chris Marshall continues: “With Help to Buy targeted towards first time buyers, 18-24 and 25-34 year olds are key demographics for the scheme.
However, these stats will prove alarming for government officials who are relying on ‘Help to Buy’ to ensure people fulfill their ambitions of owning a property. It’s concerning that it isn’t until you reach over the age of 45 where people fully understand what Help to Buy is.”
Generation Y, also known as Millennials, are people born between about 1980 and 2000.
Founded in 1854 and celebrating its 160th year in business, Bishop’s Move is also the UK’s largest family owned removals company.
Now run by the sixth generation of Bishops, it offers specialised removals and storage services for domestic and business customers, from small moves to international relocation. To find out more about Bishop’s Move International Moves visit www.bishopsmove.com.
Founded in 1854 Bishop’s Move is now the largest family-owned Removals Company in the UK and in 2014 is celebrating its 160th anniversary.
Bishop’s Move employs 350 staff and has a fleet of 150 removal vehicles. It has 25 Branches across the UK with 2 European branches, in Gibraltar and Spain.
UK branches: Birmingham, Brighton, Bristol, Cambridge, Cardiff, Carlisle, Chessington, Crawley, Edinburgh, Exeter, Glasgow, Guildford, Harrow, Luton, Newcastle, Norwich, Nottingham, Oxford, Portsmouth, Southampton, Swindon, Thames Gateway, Tunbridge Wells, Wokingham, York.