Rightmove Students – Student attitudes to the housing market

In a recent survey by Rightmove Students, 65% of all students asked said they expect it to take 5 years or less to get onto the property ladder and buy their first home.

With the average age of a first time buyer being 30 years old, this shows students are at least 5 years out in their predictions. According to the CML, in 2006, there were 402,800 first-time buyers whereas last year, there were just 217,800.

Traditionally, the bank of mum and dad have been vital in assisting young people to get on the housing ladder but a recent survey by the CML has revealed this is no longer the case. In 2006, shortly before the credit crunch, 67 per cent of first-time buyers got onto the housing ladder without any financial assistance from their parents. Last year, the number had dropped to just 36 per cent.

Of the students asked in our survey, 32% said their parents pay for their accommodation and 20% said their parents pay for their university fees, so perhaps this shows a shift in parent investment to support their study rather than them buying a home.

In our survey, 45% of students asked did say they were happy to rent for the time being but based on this evidence, it might take longer than expected.