Buying a house is the biggest consumer concern for Britain's young people

Courtney Goldsmith
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The biggest concern of young people is getting on the property ladder (Source: Getty)

Buying a home has been ranked the number one consumer concern for half of 18 to 34 year olds, according to new research.

A survey by consumer group Which revealed 49 per cent of younger people said home buying was their biggest worry, followed by social care for older people (46 per cent) and energy prices (34 per cent).

Three in 10 (28 per cent) said home buying and selling was a top three priority for the next government to tackle.

However, that number jumped to four in 10 (42 per cent) for Londoners, where the average house price is £475,000 compared with an average price of £218,000 for the whole of the UK.

City AM Do you agree? Which consumer concern should the government prioritise?

Further Which research has shown three in 10 (28 per cent) house purchases fall thorough, leading to an average loss to the potential buyer of £2,200. But even if the sale goes through, it's not a quick and easy process - the study found it takes an average of four to five months to complete a property purchase.

Read more: House prices have gone off track along the Southen Rail route

Which has called on the next government to conduct a thorough review of the home-buying process to make the system easier, including a review of industry professionals like estate agents and conveyancers.

Alex Neill, Which managing director of home products and services, said: “Buying a home is one of the most significant purchases consumers ever make and one of the most stressful life experiences.

“It takes people far too long to buy property and home-buyers are losing out on substantial amounts of money due to flaws in the system. The next government must fix the outdated home-buying process."

Read more: No party has a credible plan to get more young people on the housing ladder

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