The Great Millennial Migration
When you think of millennials, the countryside may not be the first place you envisage, but our latest research into house buying trends has found that they are shunning big cities in favour of a more relaxed pace of life - with a third of the generation admitting they could never live in a big city.
Although the younger generations have historically chosen to live in city centres, favouring houses that mean a shorter commute to work and closer access to city centres, our analysis of YouGov Profiles data actually found that nearly two thirds of young people aged between 20 and 37 agree that overall you get a better quality of life in the country.
Although price may play a factor in millennials choosing to buy their first home, a sense of community is also an important factor, with over half of respondents wishing there were more community activities in their area. Only 20% believe there is a better sense of community in cities, something that will be more commonplace from communities in rural locations.
Matthew, a freelance creative who runs the lifestyle blog Buckets and Spades, has recently bought his first property, and discusses his choice to buy a property away from a major city:
“Deciding to buy our first house away from a busy city was a really simple decision for us. We both love city life and regularly spend time in them - seeing friends, working and exploring - but the idea of coming home to our house in a quiet area was our top priority. We were able to afford a semi-detached corner plot in a friendly and desirable area in our small seaside town; with prices being a fair bit lower than the big cities around us. The savings we made mean we have been able to invest a good percentage of our savings back into renovating, decorating and creating a place we know we will feel happy in for a good few years to come.
“Some say there’s a fear of missing out when you don’t live in a traditional creative hub, but having good travel routes and having strong organisational skills (coming from my experience as a freelancer in the creative industry) means you can make things happen in the most unlikely of places.”
If you are aged 18-39 and are looking to start the journey to owning your first home, the Lifetime ISA allows you to earn a 25% bonus on your savings towards your first property, meaning if you save the annual maximum deposit of £4,000, you will earn an additional £1,000 each tax year. You can open a Lifetime ISA with just £10 and it's available either online or in branch.
Image credit: Jordan Bunker
The Nottingham's analysis of responses of 72,469 UK adults born between 1982 and 1999 from YouGov Profiles, showing statements agreed with about Finance, Household & Economics and Consumer & Lifestyle. GB Profiles survey completed on 28/04/2019.