{"id":11431,"date":"2026-06-24T06:02:28","date_gmt":"2026-06-24T06:02:28","guid":{"rendered":"https:\/\/second-home.uk\/?p=11431"},"modified":"2026-06-24T06:02:28","modified_gmt":"2026-06-24T06:02:28","slug":"gen-z-buyers-prioritise-price-over-location-in-property-search","status":"publish","type":"post","link":"https:\/\/second-home.uk\/?p=11431","title":{"rendered":"Gen Z buyers prioritise price over location in property search"},"content":{"rendered":"

Younger property buyers are increasingly willing to compromise on location to achieve homeownership, with one in five Gen Z purchasers prepared to move more than 25 miles from their preferred area to find affordable housing, according to Barclays\u2019 latest Property Insights report.<\/p>\n

The research found that a quarter of Gen Z buyers said they could not afford to purchase in their desired location, with price identified as the most important factor for this demographic, ahead of location and neighbourhood considerations.<\/p>\n

Deposit requirements fall but barriers remain<\/h2>\n

Average deposit requirements declined by 16.4% year-on-year to \u00a357,209, down from \u00a368,435 in May 2025. Despite this reduction, affordability continues to present significant challenges, with more than a third of renters citing saving for a deposit as their biggest obstacle, while 36% pointed to high property prices.<\/p>\n

Regional variations in deposit values were substantial, with Greater London seeing the steepest decline at 27.2%, bringing the average deposit down to \u00a3136,057 from \u00a3186,960. East Anglia experienced a 23.5% decrease to \u00a355,063, while the South East fell 22.8% to \u00a370,454. Northern Ireland was the only region to record an increase, rising 14.9% to \u00a341,008.<\/p>\n

Transaction delays persist<\/h2>\n

Nearly nine in 10 buyers and sellers reported experiencing delays during the home-moving process, while 29% said a purchase had fallen through entirely. Conveyancing issues were identified as the most common cause of delays, followed by estate agency-related problems and a shortage of suitable properties.<\/p>\n<\/p>\n

Barclays\u2019 mortgage data shows the average period between final mortgage offer and completion increased by 21.7% compared with the previous year. These delays come as regional property markets experience shifting demand patterns<\/a>, with affordability driving purchasing decisions.<\/p>\n

Market activity and refinancing trends<\/h2>\n

Despite ongoing challenges, 16% of Gen Z renters are actively searching for a property to buy. Existing homeowners are also becoming more proactive about refinancing, with remortgages accounting for 40.6% of mortgage completions, up from 30.7% a year earlier.<\/p>\n

Jatin Patel, head of mortgages, savings and insurance at Barclays, said: \u201cAdaptability has become the hallmark of the modern buyer. First-timers remain constrained by affordability, but will be flexible to achieve their goals, making trade-offs on location or property features to get on the ladder.\u201d<\/p>\n

Julien Lafargue, chief market strategist at Barclays, noted that the expected reopening of the Strait of Hormuz and associated drop in oil prices may contain inflationary pressures in the coming months, potentially giving the Bank of England room to maintain current interest rates.<\/p>\n

The findings suggest estate agents may need to adapt their approach as buyer demand becomes increasingly driven by affordability rather than location preferences, particularly among younger purchasers entering the market. This shift in priorities reflects broader changes in the UK housing market, where property sector companies are navigating changing market conditions<\/a> amid economic uncertainty.<\/p>\n","protected":false},"excerpt":{"rendered":"

Younger property buyers are increasingly willing to compromise on location to achieve homeownership, with one in five Gen Z purchasers prepared to move more than 25 miles from their preferred area to find affordable housing, according to Barclays\u2019 latest Property Insights report. 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