Millennials are happy to live without a garage and garden in order to get onto the housing ladder, according to new research.
The study of 2,000 Brits aged 23-38 found over two thirds admitted they have a ‘realistic’ attitude towards their ‘dream home’ because they know what they can and can’t afford.
A further 58 per cent would settle for a smaller property than they’d prefer.
The report also revealed the modest ‘dream home’ for millennials would include more than one bedroom, an en-suite bathroom and an open-plan kitchen and dining area.
When it comes to the area of a property, the top priority was the commute to work, with a quarter of Londoners considering transport links as ‘important’.
Those living in the capital also rate living near a good high street and within a thriving community higher than the rest of the country, with more than two thirds rating these as ‘important’.
The study, commissioned by The Gateway, a development of new homes by L&Q in Chiswick, London, found 50 per cent of 23-25 year olds across the country would consider using the Help to Buy scheme.
Cathy Lloyd, sales and customer services director for L&Q, said: “The research shows that millennials are knowledgeable about what they can and cannot realistically afford when it comes to the purchase of their first home, in terms of size, location and amenities.
“Interestingly, the priorities of those living around the country don’t vary too wildly.
“Across all regions, the priorities are transport links, ease of commute and proximity to family above all else – something which I’m sure will delight many a parent.
“Buying a property is a huge achievement and it’s good to know that younger generations are clued up with regards to the help that’s available from the likes of Help to Buy which can really make all the difference to those struggling to pull together a deposit.”
Of those polled, four in 10 think they’d only be able to afford a one bedroom apartment or a studio where they currently live, with almost one quarter of Londoners admitting a studio is their only option.
Londoners are the most likely to consider moving to a cheaper city in order to get on the ladder.
While 73 per cent aspire to be a property owner one day, one quarter have given up on the dream – with one in five of those living in the capital.
Future homeowners expect they’ll get the keys to their first property at the age of 35 – and they’ll stay there for five years before selling up.
And four in 10 admit they’d happily sacrifice their gym membership, eating out and takeaway coffee to save up for a deposit on their first home