{"id":701,"date":"2025-04-04T11:42:38","date_gmt":"2025-04-04T11:42:38","guid":{"rendered":"http:\/\/www.merlinscove.com\/?p=701"},"modified":"2025-04-13T08:05:05","modified_gmt":"2025-04-13T08:05:05","slug":"the-infuriating-boomer-habit-thats-making-it-even-harder-to-buy-a-home","status":"publish","type":"post","link":"http:\/\/www.merlinscove.com\/index.php\/2025\/04\/04\/the-infuriating-boomer-habit-thats-making-it-even-harder-to-buy-a-home\/","title":{"rendered":"The infuriating boomer habit that\u2019s making it even harder to buy a home"},"content":{"rendered":"
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\n\t\t\"Young\t<\/div>
Getting on the housing ladder remains tough for the younger generations (Picture: Getty Images)<\/figcaption><\/figure>\n

As Gen Z and Millennials know all too well, getting on the housing ladder <\/a>can often feel like an impossible task \u2013 so much so that we\u2019ve been dubbed \u2018Generation Rent<\/a>.\u2019<\/p>\n

A new study shows that the older generations \u2013 specifically baby boomers \u2013 are overwhelmingly buying property<\/a> using cash from a previous residence. Known as \u2018cash buying,\u2019 this tactic replaces the need to take out a mortgage<\/a> on a new home.<\/p>\n

But for the younger generations trying to get a foot in the property door, the exact opposite is true.<\/p>\n

As David Fell, lead analyst at Hamptons, tells Metro<\/strong>, baby boomers are more likely to be homeowners than any subsequent generation.<\/p>\n

\u2018The generation growing up in the shadow of the Second World War was the first to buy in big numbers, making owning rather than renting a home the norm for the first time,\u2019 David explains.<\/p>\n

\u2018While mortgage payments were initially punishingly high, rapid house price growth coupled with years of double-digit inflation meant their mortgage payments quickly fell relative to both the value of their home and their salary.<\/p>\n

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\n\t\t\t\tReady to start your homebuying journey?\t\t\t<\/h2>\n
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You can access completely fee-free mortgage advice with London & Country (L&C) Mortgages, a partner of Metro. Customers benefit from:<\/p>\n

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Find out how much you could borrow online<\/a><\/p>\n

Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.<\/em><\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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\n\t\t\"Senior\t<\/div>
Baby boomers have ‘unprecedented buying power’ (Picture: Getty Images)<\/figcaption><\/figure>\n

And when it comes to buying a home, higher mortgage rates are still \u2018pushing the pendulum\u2019 in favour of older mortgage-free owners.<\/p>\n

\u2018The benefit of buying in cash is larger today than when mortgage rates dropped below 1%, meaning older homeowners who cleared their mortgage 10-20 years ago have unprecedented buying power relative to younger generations who are often still grappling with mortgage payments deep into middle age,\u2019 David adds.<\/p>\n

In 2023, 70% of properties in central London were bought with cash, according to Savills. The figures covered \u2018prime central London,\u2019 an area that includes the likes of Chelsea, Camden, Notting Hill and Westminster.<\/p>\n

And at the same time, the average 21-year-old will have paid their landlord<\/a> \u00a380,000 by their 30th<\/sup> birthday.<\/p>\n

However, the same story is playing out in the US, too. <\/p>\n

According to a new report<\/a> by the National Association of Realtors, over the last year, younger buyers in the US<\/a> have largely depended on savings<\/a> to get on the housing ladder, while older buyers still tend to use proceeds from the sale of their previous residence to fund the cost.<\/p>\n

Baby boomers also make up the greatest percentage of sellers (53%), and along with the silent generation, are more likely to sell up on account of their homes being too large.<\/p>\n

At the same time, the controversial \u2018Bank of Mum and Dad\u2019 funding option remains largely necessary, as 33% of younger Millennials received money for a deposit in the form of a gift or loan from either a friend or relative.<\/p>\n

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\n\t\t\"Couple\t<\/div>
Younger people still largely need help from family (Picture: Getty Images\/Westend61)<\/figcaption><\/figure>\n

Posting over on the r\/HousingUK Subreddit<\/a>, @Diligent-Bridge2178 shared their experience of being trumped by a cash buyer on their \u2018dream home.\u2019<\/p>\n

\u2018We put in a very competitive offer\u2026turned out they received eight offers in total,\u2019 they penned, adding that at the time, they were searching for properties in London\u2019s Zone 4 around the \u00a3700,000 price point.<\/p>\n

\u2018One of them was a cash buyer. And of course, they got the house. We then made a counter offer\u2026and still didn\u2019t get the house as it\u2019s hard to beat a cash buyer.\u2019<\/p>\n

Elsewhere, @bransby26<\/a> shared that when they were trying to sell their house a few years ago, \u2018boomers tried to sabotage [their] house sale\u2019 by offering up cash.<\/p>\n

\u2018Several prospective buyers toured the home. The first was a boomer who was friends with our next-door neighbours (also boomers). She made a cash offer on our house that was right at our asking price, but we would have to move out right away,\u2019 they wrote.<\/p>\n

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\n\t\t\t\tWhat's your home like?\t\t\t<\/h2>\n
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This year Metro <\/strong>is partnering with the Ufurnish.com Home Awards<\/a> to bring readers the best in UK property.<\/p>\n

From jaw-dropping before-and-after renovations to effortlessly stylish spaces on a budget and rental DIY masterpieces, the awards recognise outstanding talent across 20 categories covering interiors, gardens, furniture innovation and home accessories.<\/p>\n

As part of our partnership, Metro\u2019s Property channel <\/a>will be full of inspiring homes, fly-on-the-wall property pictures and tips and tricks from those in the know.<\/p>\n

Need some inspo (or some eye candy)? We\u2019ve rounded up nine winners<\/a> from last year\u2019s awards to get those creative juices flowing.<\/p>\n

Head to Ufurnish.com<\/a> to enter now.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

\u2018We had other visits lined up, so we waited to see what came of those. The couple that ultimately ended up buying our house was touring the house, and our neighbour started talking to them. <\/p>\n

\u2018She told the couple that they shouldn’t waste their time looking at our house because her friend had already made a cash offer and that we would probably take it.\u2019<\/p>\n

In the end, they didn\u2019t accept the cash offer \u2013 as they chose to go with a couple that offered \u2018significantly\u2019 over the asking price. By way of response, the cash buyer was \u2018stunned.\u2019<\/p>\n

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\n\t\t\"Real\t<\/div>
‘I feel sad for the next generation,’ one Millennial Redditor says (Picture: Getty Images)<\/figcaption><\/figure>\n

And for @Glum-Caregiver-7963<\/a>, who is an \u2018older Millennial,\u2019 they wondered how the \u2018next generation is supposed to own a house.\u2019<\/p>\n

\u2018I will admit we had help buying our property, and we wanted to stay in London,\u2019 they wrote.<\/p>\n

\u2018I feel sad for the next generation if things don\u2019t change. I have nieces and nephews who are in houseshares and the price they pay is ridiculous. One of them has to ask for help from their parents due to [the] majority of their salary going towards rent.<\/p>\n

\u2018Sick of seeing people say how if you don\u2019t pay for Netflix subscriptions and don\u2019t eat out, you\u2019ll save money.\u2019<\/p>\n

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\n\t\t\t\tIs it actually worth buying a home when you\u2019re young?\t\t\t<\/h2>\n
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As Phil Spencer, property expert and founder of property advice website Move iQ<\/strong><\/a> previously told Metro<\/strong>, buying your first home<\/a> isn\u2019t always just about the money. In his view, it\u2019s \u2018an emotional as much as a financial investment.\u2019<\/p>\n

\u2018There\u2019s nothing quite like the feeling that owning your own home brings \u2013 it\u2019s a joyful mixture of freedom and responsibility,\u2019 Phil shared.<\/p>\n

But buying a home is one of the most significant financial decisions any of us can ever wish to make, since the majority of first-time buyers will need a mortgage to help them spread the cost.<\/p>\n

But on the other hand, according to Aaron Squire, property specialist at OneDome<\/strong><\/a>, buying a home young depends on the type of lifestyle you want to lead. And if you want to travel, you might want to reconsider.<\/p>\n

\u2018Additionally, owning a home comes with ongoing maintenance and unexpected costs, which can be challenging to manage without a stable income or savings buffer,\u2019 Aaron added.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

Do you have a story to share?<\/strong><\/p>\n

Get in touch by emailing MetroLifestyleTeam@Metro.co.uk<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Getting on the housing ladder remains tough for the younger generations (Picture: Getty Images) As Gen Z and Millennials know all too well, getting on […]<\/p>\n","protected":false},"author":1,"featured_media":703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property"],"_links":{"self":[{"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/posts\/701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/comments?post=701"}],"version-history":[{"count":3,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/posts\/701\/revisions"}],"predecessor-version":[{"id":708,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/posts\/701\/revisions\/708"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/media\/703"}],"wp:attachment":[{"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/media?parent=701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/categories?post=701"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/tags?post=701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}