Millennial home ownership: why more young people are buying a forever home
21 October 2025
Buying a house is a significant decision that first-time buyers don’t take lightly. It requires saving for things like a deposit and moving-in costs, and the entire process can take between 18 to 30 weeks. If you’re already thinking about settling down and laying roots somewhere, it’s easy to understand why this is considered one of the most important purchases you’ll ever make.
These factors mean that younger homebuyers are thinking about buying a forever home much sooner. According to the latest study from Barclays Property Insights, one-third (33.5%) of first-time home purchases are semi-detached properties, with over a fifth (22%) of millennial buyers seeking properties with more rooms than they currently need to avoid upsizing down the line.
What is a forever home?
Traditionally, the idea of a ‘forever home’ meant the home that older buyers would move into once their children had flown the nest; effectively, the property in which they’d spend the rest of their lives. This often differs from a ‘starter home’, which many buyers see as a stepping stone to get on the property ladder for the first time.
This is still the case for many buyers across the UK. A recent Santander study revealed that average UK buyers move out of their first home within 4.5 years, with one-in-four having “no emotional attachment” to their first home.
However, according to the Barclays data, the tide seems to be turning. Purchases of flats are down 2.7% year-on-year, as more buyers look for spacious properties that they can stay in.
Why are younger homeowners buying a forever home?
There are a number of reasons why millennials – and even Gen Z – are buying a forever home earlier than previous generations might’ve done:
- Increased space: Younger generations are looking for roomier properties than some first-time homes traditionally offered. 40% of millennials want a property with a garden or dedicated outdoor space, for example, whereas 28% of Gen Z buyers want a dedicated work-from-home space.
- Longer mortgage terms: Millennial first-time buyers are opting for longer-term mortgages that offer lower monthly payments. 41.3% of all first-time mortgage purchases include 30+ year terms, with four-in-ten mortgage holders choosing these terms specifically because of the lower monthly payments.
- Improved market confidence: Confidence in the UK’s housing market rebounded to 29% in August, up 3% on July’s six-month low of 26%. First-time buyers are feeling increasingly optimistic about getting on the property ladder.
Should your first home be your forever home?
Planning ahead when it comes to buying property is based on lots of personal factors, such as your financial situation and appetite for property-hunting. Some buyers like the idea of finding somewhere to stay for the long term, whereas others are interested in climbing the ladder one rung at a time.
If you’re interested in buying a forever home in a more affordable way, Shared Ownership could be the perfect avenue. This is because Shared Ownership properties offer:
- Large family-ready homes: While Shared Ownership is often associated with flats in the city, we also have a wide range of 2-, 3-, and 4-bedroom family homes that are ready to move into.
- Affordable purchase prices: Rather than buying the full home outright, you’ll purchase a share, which is often much cheaper than a traditional home purchase (your monthly mortgage and rent costs are typically lower, too!).
- The option to increase ownership: Through a process known as ‘staircasing’, you can increase the size of your share and ultimately own a larger percentage of your home. In some properties, this can even be increased to 100%.
If you think that a Shared Ownership forever home could be the right choice for you, speak to our friendly team today, or browse our available properties to find your ideal home. For help and advice on all things Shared Ownership, visit our HOME Hub.