Children wield growing influence over UK home buying decisions

Published on

Children are exerting unprecedented sway over property choices with 74% of families saying their offspring have a say in final housing decisions, according to new research from Zoopla.

The influence is strongest among younger generations: 40% of Gen Z movers say their children are either the primary decision-makers or play a significant role in the final choice, compared with 32% of Millennials.

The findings echo a broader trend in which children are shaping major household purchases, from smartphones to cars.

Regionally, the highest levels of child influence are in Scotland (37%) and Eastern England (33%). The South East (26%), Yorkshire and the Humber (27%), and both the South West and West Midlands (28%) report the lowest.

The West Midlands also tops the list for households where children have “no influence whatsoever” (35%), followed by the South West (32%).

When it comes to compromise, children rarely yield ground, accounting for just 1% of concessions in the home-buying process, compared with 56% for adults.

HOME MOVE CEO

While children’s influence is rising, decision-making roles between adults remain sharply defined.

Men lead the overall process in 32% of moves, compared with 25% for women, particularly in financial and logistical areas.

Leader of home moving stages
Leader of home moving stages.
Source: Zoopla

Men are more likely to set the budget (33% vs 19%), decide on the mortgage (34% vs 17%), arrange conveyancing (38% vs 24%) and lead price negotiations (36% vs 20%).

Men also have greater confidence in assessing a property’s value (42% vs 25%). Women, however, are more likely to reject a property (57% vs 43%) and less likely to concede on “must-haves” – 25% versus 31% of men.

GENERATIONAL DIVIDE

In 39% of households, the decision to move is initiated by one person alone, with both partners making the decision together in 35% of cases. Only 25% share the research into properties and market trends equally.

Baby Boomers are the most collaborative: 60% make the decision to move jointly, compared with 25% of Gen Z and 31% of Millennials. They are also most likely to share property research duties (31%).

FAMILY HOME, FAMILY DECISION
Daniel Copley, Consumer Expert at Zoopla
Daniel Copley, Zoopla

Daniel Copley, Consumer Expert at Zoopla, said: “It’s clear that collaborative decision-making is on the rise, especially among Millennials who are truly leading the charge in teamwork.

“However, the most compelling finding is undoubtedly the growing influence of children. For a significant portion of the market, the family home is truly a family decision.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Pepper Money reshapes sales leadership team

Pepper Money has made a series of changes to its sales leadership structure as...

Vida expands residential range and relaunches buy-to-let products

Vida Homeloans has expanded its lending proposition with the reintroduction of 20 residential products...

Gatehouse Bank joins The Right Mortgage panel

The Right Mortgage & Protection Network has added Gatehouse Bank to its lender panel,...

JammJar adds identity verification through Entrust partnership

JammJar has partnered with Entrust to allow mortgage brokers to complete automated identity verification...

Industry invited to shape next phase of inclusion research

Mortgage and protection professionals are being urged to contribute to a new study examining...

Latest publication

Other news

Pepper Money reshapes sales leadership team

Pepper Money has made a series of changes to its sales leadership structure as...

Vida expands residential range and relaunches buy-to-let products

Vida Homeloans has expanded its lending proposition with the reintroduction of 20 residential products...

Gatehouse Bank joins The Right Mortgage panel

The Right Mortgage & Protection Network has added Gatehouse Bank to its lender panel,...