London house prices are so high, more millennials are saving up for a holiday than a house

 
Courtney Goldsmith
Follow Courtney
Beaches Draw Summer Tourists To Lefkada Island
Millennials just wanna have fun (Source: Getty)

It turns out London's millennials have had enough of the City's housing market - now they're more likely to be saving for a holiday than a deposit or a mortgage.

Twenty and thirty-somethings across the UK have been dubbed the "vacation generation", as 33 per cent said they are saving for a holiday while 31 per cent are saving for a deposit on a house, new YouGov research commissioned by financial planning platform Finimize suggests.

In London, where house prices are more than double the UK's average, the gap is even more exaggerated.

Of those aged 18-34, 35 per cent are putting their hard earned cash towards a holiday while 30 per cent are pinching pennies to save for a house.

Fewer Londoners are saving for a car as well - 14 per cent compared with the national average of 18 per cent.

Meanwhile, 19 per cent have no idea what they're saving for and 13 per cent aren't saving at all.

Read more: London house prices edged closer to £500,000 in November

What are London's millennials saving for?
A holiday 35 per cent
A deposit on a house 30 per cent
I am saving, but not for a specific goal 19 per cent
Clothes 15 per cent
A car 14 per cent
I am not saving at all 13 per cent
Technology (headphones, TV, etc.) 11 per cent
Mortgage payments 10 per cent
My wedding nine per cent
Other five per cent
Household repairs or improvements four per cent

Max Rofagha, founder of Finimize, said while 88 per cent of millennials are saving, the preference for splashing out on a holiday is unsurprising.

"Buying a home, particularly in London, has become so expensive that it's unattainable to most millennials - so it's unsurprising that over a third of millennials have given up on the prospect of owning property and have chosen to travel instead."

Read more: This one graph explains the horrors of London house prices

Related articles