First-time buyer support tops Gen Z priorities

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Support for building new homes locally is almost twice as high as opposition while helping first-time buyers is the top housing priority among Gen Z, research from Barclays has revealed.

More than two in five UK adults (43%) supported new homes being built within three miles of where they live, compared with 22% who opposed development.

Support was strongest among Gen Z, with 51% backing local housebuilding and just 16% opposed. This compared with 48% support among Millennials, 42% among Gen X and 37% among Baby Boomers.

Barclays Property Insights also found building social or affordable housing was the housing policy UK adults most wanted the Government to prioritise over the next three years, cited by 32%.

Reducing homelessness followed at 28%, with making it easier for first-time buyers to get onto the housing ladder at 25%.

Among Gen Z, however, first-time buyer support was the leading priority at 29%.

INFRASTRUCTURE KEY TO SUPPORT

Opposition to development appeared to be driven largely by concerns about its impact on local communities rather than housebuilding itself.

Among those opposed, 61% cited the loss of green space, countryside or natural habitat, while 57% were concerned about pressure on GPs and schools.

Traffic and congestion concerned 55%, while 52% cited insufficient local infrastructure. Just 7% said the potential impact on the value of their own home was a reason for opposing development.

Additional GP and healthcare capacity would make 26% of opponents more likely to support development, while 18% pointed to investment in roads and infrastructure.

BUYERS LACK CONFIDENCE

The research also highlighted continuing uncertainty around navigating the homebuying process.

While 60% of adults were confident in their understanding of buying a home, 28% were not.

Among those lacking confidence, 37% were uncertain about conveyancing and the legal process, with the same proportion struggling with taxes and fees.

For Gen Z, affordability presented a greater challenge. Some 39% cited saving for a deposit as an area where they felt least confident, while 36% pointed to understanding how much they could afford to borrow.

“New homes are critical.”

Jatin Patel (main picture, inset), head of mortgages, savings and insurance at Barclays, said: “New homes are critical to easing tension in the housing supply, but attitudes towards development are nuanced.

“While UK consumers are broadly supportive of efforts to increasing housing supply, this has to be in step with investment in local infrastructure, healthcare and transport links.

“Homeowners also need confidence that they can navigate the process of buying, selling and financing a move.”

IMPORTANT ROLE
Adrian MacDiarmid, head of mortgage lender relations at Barratt Redrow (2)
Adrian MacDiarmid, Barratt Redrow

Adrian MacDiarmid, head of mortgage lender relations at Barratt Redrow, added: “With Gen Z the most supportive of local housebuilding, the findings highlight the importance of increasing housing supply for future generations.

“The research also confirms that people want development to be accompanied by investment in infrastructure and public services.

“That’s why housebuilders have such an important role to play, delivering not only the homes communities need, including affordable housing, but also funding and investing in local facilities that help communities thrive. Housebuilding is one of the UK’s most important economic drivers, creating jobs, supporting local businesses and generating investment in communities.

“With the right partnerships and local leadership, we can deliver growth that creates lasting social and economic value.”

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