Buying a first home is the biggest concern for young people – says new Which? study

house insurance

A Which? survey looking into consumer concerns reveals that young people in the UK are most concerned with getting on the property ladder.

The most pressing consumer concern for young people in the UK right now is buying a home, according to new research by the consumer group Which?

In survey carried out in April 2017, Which? found that nearly half of 18 to 34 year olds (49%) said that the process of buying a house was one of the top three consumer concerns that the UK government should prioritise.

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Other concerns for young people revealed in the study included the provision of social care for older people (46%) and the cost of energy (34%). Across all age groups, the process of buying and selling houses was a top three priority for almost a third of respondents (28%) – rising to 42% for people living in London.

As well as the cost of getting onto the property ladder, and the level of deposit needed being prohibitive for many potential new homeowners, the amount of house purchases that fall through and the length of time it can take to complete a house purchase are also areas that could be improved.

As part of its Consumer Agenda for Government, Which? has called on the next government to conduct a thorough review of the home-buying process to make the system easier, particularly for buyers. The review should also examine the role played by industry professionals such as estate agents and conveyancers.

Which? has urged all political parties to set out how they intend to improve the home-buying process for consumers in their manifestos. Parties should commit to ensuring that estate agents deliver a better service for both home-buyers and sellers, and that the conveyancing process is simplified.

Alex Neill, Which? managing director of home products and services, said:

“Buying a home is one of the most significant purchases consumers ever make and one of the most stressful life experiences. It takes people far too long to buy property and home-buyers are losing out on substantial amounts of money due to flaws in the system. The next government must fix the outdated home-buying process.”