Homeownership plans of young adults in the UK in 2023
The majority of young adults in the UK were still committed to buying a property in 2023, with one in three wanting to get on the property ladder as soon as possible. Nevertheless, 22 percent of respondents shared that their home buying plans were on hold, while 18 percent admitted that they need more monetary support from family, friends, and lenders. Since the beginning of the coronavirus pandemic, house prices have soared, markedly outpacing income growth. Furthermore, interest rates have doubled since 2021, resulting in a substantial increase in the cost of buying a home.