The goal of owning their own home seems a distant dream for many young people – but now even amid a cost-of-living crisis help may be at hand to turn their wishes into reality
Almost three in 10 Gen-Zers believe they’ve got more chance of winning the lottery than owning their own home, a shocking study has revealed.
Home ownership remains a top goal for nine in 10 Gen-Zers (94%) but research by Lloyds shows it still feels like a distant dream. Surprisingly more than a quarter (29%) genuinely believe they’re more likely to win the Lottery than buy their first home.
Some even rate their chances of seeing Jeremy Clarkson become prime minister (13%) as more realistic than stepping onto the property ladder. Mortgages often require a hefty deposit and more than one in five (22%) feel saving up is an impossible task given the cost-of-living crisis.
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The challenge is particularly stark in London, where the average deposit is estimated at £118,990, according to the study of 2,000 adults by Lloyds. Many are still putting money aside with an average of £11,095 already saved for a deposit, while 37% are using a side hustle or cutting back on takeaways (34%) to boost funds.
Adding to this, a staggering four in 10 (40%) admit that they don’t actually know the steps involved in buying a house, or understand key mortgage terms like loan-to-value. Loan-to-value is the amount of money borrowed as a percentage of the value of the property, but 81% of respondents didn’t know this.
With 65% of Gen Z discussing their homebuying plans over dinner, Lloyds has partnered with award-winning restaurant group Six by Nico. They aim to help turn aspiration into action and launch the UK’s first home-buying tasting menu.
The limited-edition six-course dining experience brings the homebuying journey to life through food. From the excitement of dreaming about what the home will look like to the moment people finally get their keys it aims to help navigate the process with confidence. The menu will be available for one day only at public dining experiences in London, Manchester, Leeds and Birmingham
Kate Townson, Mortgage Director at Lloyds, said: “Buying your first home is a milestone that often comes with uncertainty and many people tell us they’re unsure where to start. We see these challenges every day and we’re here to help make sense of the process from the moment they begin thinking about what’s possible.
“By partnering with Six by Nico, we’re opening the conversation in a more approachable way, making the journey feel less intimidating for first-time buyers.”
Nico Simeone, Six by Nico founder, said: “Six by Nico has always been about telling stories through food. This exclusive menu transforms the emotional milestones of buying a home into a six-course dining experience that will give aspiring homeowners food for thought. This is something truly unique for diners that we hope will turn house-buying aspirations into action.”
Each event is free to attend for aspiring homeowners via online sign-up at https://www.sixbynico.co.uk/the-journey-home/
Visit the First-Time Buyer hub at https://www.lloydsbank.com/mortgages/first-time-buyers.html for more information on how Lloyds can help with the homebuying process.
