Over a third of individuals aged between 18 and 34 are feeling more positive about the state of the UK property market, with many hoping to take the first step on to the ladder sooner rather than later.
According to new research from the Post Office, younger people have become increasingly willing to make sacrifices in order to purchase their first home, compared to previous years. However, this figure has fallen somewhat as confidence in the market continues to improve.
Analysts noted that they found geographical differences in the compromises individuals were willing to make in order to save up for their first big purchase. Londoners were noted as the people least likely to move away from their city in order to find somewhere cheaper.
Location remains a priority for first-time buyers, although the number of individuals who would consider moving away from their family has fallen in recent years.
John Willcock, head of mortgages at Post Office, said: “For many people, owning their own home is a dream they are determined to make a reality – and our report highlights the lengths some will go to.”
