The survey from the Home Builders Federation (HBF) also highlights the change in attitudes to home buying between young and old, showing that whilst 84% of 18 to 34 years olds still want to own their own home, there are huge financial obstacles to realising their dreams.
Indeed, some 73% cited the difficulty of saving for a deposit, for 69% it is property prices and 53% the difficulty of getting a mortgage.
The survey also found that one in four 18 to 34 year olds are totally unaware of any government support available to them, such as the 5% deposit Help to Buy equity loan scheme or the Help to Buy ISA aimed at helping young people save for a deposit.
And overall younger people today are more concerned than their elders about the running costs of homes with 67% of 18 to 24 year olds taking this into account when considering whether to buy compared to 40% of 35 to 44 year olds.
Younger people are also much more likely to consider buying a new build, which are up to 50% cheaper to run than some second hand homes with 55% saying it is likely they would consider buying a new build compared to just 23% of over 45s.
It also identifies the huge amounts of money second hand home buyers spend on their properties with 47% of people spending over £10,000, and more than half incurring the expenditure associated with replacing bathrooms or kitchens. Some 13% of people spent over £40,000 upgrading their home and the HBF estimates it costs around £45,000 to upgrade a second hand home to the standard of a new build.
The HBF also believes that there are a number of misconceptions about new build homes. With 34% of people polled saying they have never visited a new build or a show home and a further 18% saying they hadn't for at least 10 years, it points out that the industry faces a huge challenge engaging with the public to explain the many benefits of today's modern, high quality new build homes.
Some 84% of 18 to 34 year olds that don't already own their own home aspire to do so and when buying a new home, the most important factors house hunters consider are price and location, both cited by 80%.
However a greater proportion of younger house hunters, some 67% of 18 to 24 year olds, take into consideration the running costs of a property, compared to 55% across all age groups.
The main obstacles for first time buyers trying to get on to the property ladder are saving for a deposit at 73%, property prices at 69% and getting a mortgage at 53%. Similarly, the main put-offs to buying a home for everyone is the deposit for 72% and needing to get a mortgage for 60%.
When moving home, the majority of people, 51%, have to make improvements to both their kitchen, 52% to bathrooms and 70% saying that they also have to redecorate. Only 1% of home owners said that they didn't have to spend money to make improvements when moving house, with 21% saying they spend £1,000 to £5,000 and 13% admitting to spending more than £40,000.
Some 55% of 18 to 24 years olds said they would consider buying a new build home with just 28% saying it was not at all likely. Overall 33% of people surveyed said they would consider buying a new build home with 46% saying it was unlikely. Some 34% of people have never visited a new build home or a show home; whilst a further 27% hadn't done so for five years or more.
‘In the midst of a housing crisis, the prospect of getting on to the property ladder can seem like a distant possibility to many people. But there are options available to today's young people. Due to Government schemes buying a new build home is a real possibility for people,’ said HBF executive chairman Stewart Baseley said.
‘New build homes have so many great benefits, from the high build quality and brand new fixtures and fittings, to the low running costs and added bonus of a 10 year warranty. But the real benefit for many first time buyers is the affordability of the whole process,’ he explained.
‘Schemes like Help to Buy really make home ownership an option for many who it would otherwise be an impossible dream. Once in a new build, everyday living in terms of running costs, bills and not needing to spend thousands on upgrades mean people can enjoy living in their new home,’ he pointed out.
‘We are urging people not to be put off by dated misconceptions, but to go and visit a new build home and see what is actually available,’ he added.
