12 Jul 2024
What do Millennials and Gen Z look for in a new home?
Also known as Generation Y, Millennials currently make up the largest age-range population in the UK, with Generation Z following just behind.
Despite the cost of housing, there is still a high demand for affordable homes for first time buyers for both generations. Following the COVID-19 pandemic, younger homebuyers are looking for some security.
What do Millennials want from a new home?
Those born to between 1981 and 1996 are considered Millennials. The older of this age bracket will be in their early forties and likely to have young families, while the youngest are mid-twenties looking to buy their first home and settle down. This age bracket usually looks for:
- Ability to customise - a place that they can make their own
- Space - a larger home with open floor plans to grow their family, or for more storage
- Positive community - somewhere the feel happy to settle down
- Low-maintenance home
- Walking distance to public amenities such as coffee shops and schools
What does Gen Z want from a new home?
Those born between 1997 and 2012 are considered Gen Zs and will be in their early to mid-twenties. Due to the high use of technology, and on-demand information, Gen Z will typically be looking for:
- Location, location, location - homes that are close to work and leisure facilities
- Function - affordable and minimalistic with low risks
- Persuasion - being one of the most risk-averse generations, they may need to be persuaded to feel confident with homes they are considering
- Diversity - isn't looking for a typical "picket-fence" house
Both generations would like as much information about a property as possible to reassure them, with access to a lot of this information being online. Interestingly, according to Architectural Digest, 39% of Millennials say they'd feel comfortable buying a home they'd only ever viewed online.
Recent posts
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Almost half of young adults are worried about their credit history stopping them from renting or buying a property, according to data from Loqbox
How to add value to your property this summer
12 days ago
Different seasons can have a noticeable effect on property prices.
Research from Zoopla shows that spending out on certain features can fetch up to £29,000 during the summer months.
Monday 22nd June saw Keir Starmer resign as Prime Minister and Labour leader. The resignation does not directly impact mortgage rates, as changes were taking place before this announcement. However, it could influence mortgage rates indirectly through financial markets and future government policies.
Homebuying reform to cut homebuying times by around four weeks, and save first-time buyers around £650, says the government.
Buying your first home is a huge milestone, but it can also be a complex process. There are several factors a first-time buyer should consider before making an offer on a property, including understanding the difference between leasehold and freehold and checking council tax bands.
We’ve detailed some questions you can ask your estate agent to help you make an informed decision.
Signs it's time to remortgage
21 days ago
Remortgaging means switching to a new mortgage deal. This will either be with your current lender or a new one.
Getting advice and moving to a new deal when the time is right can mean lower monthly mortgage payments, better interest rates, or releasing equity from your property.
Here are some signs it may be time to remortgage.
According to Nationwide Building Society’s latest House Price Index, house prices dropped 0.6% month on month in May – the first monthly decline this year.
More information
Trusted by
