It’s all too familiar to hear the same sorry tale – there’s no opportunity for GenZ to get on the property ladder. It now seems all-but-fact that anyone in their 20s isn’t getting near the fairy tale of home ownership. However, recent findings by Lloyds seem to paint a more optimistic picture!
Lloyds, a prominent mortgage provider in the UK, analysed mortgage approval data from Lloyds Bank, Halifax and Bank of Scotland. They found that in some areas the average first-time buyer age was now just 27 – that’s five years below the national average of 32.
So where exactly should GenZ be flocking if they’re looking to get onto the property ladder?
The Ribble Valley in Lancashire has the lowest average first-time buyer age of 27.
Pendle and South Staffordshire in the West Midlands has an average first-time buyer age of just over 27.
North Norfolk and Mid-Suffolk both have an average first-buyer age of 28.
Even more hope for GenZ first-time buyers…
Lloyds have announced that they will be offering a new mortgage aimed to help first-time buyers with a deposit as low as £5000.
GenZ should seek advice on the different types of support available before dismissing home ownership in the current climate – it could be more obtainable than they think.
For more information read the full article by The Independent here.
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