Generation Z fear the “hidden cost” of home buying while Millennials are more worried about repairs, a new survey suggests.
Research conducted by the Mortgage Advice Bureau (MAB) suggests first time buyer concerns shift significantly by age.
For buyers aged 18-24 “hidden costs” such as stamp duty, legal fees and moving expenses are the biggest concern (38%), while for those aged 25-30, high house prices (56%) and mortgage rates (37%) are the biggest worry.
By contrast, Millennial buyers aged 31-40 are most concerned about unexpected repair costs (36%).
The survey, conducted by Atomik Research and Mortgage Advice Bureau among 1,001 respondents from across the UK, all of whom were renters and planned to buy their first property in 2026, also showed a lack of awareness of mortgage options.
Only a fifth (19%) of 25-30-year-olds and 15% of 18-24-year-olds had heard of track record mortgages, which use proof of rental payments to support affordability assessments.
Awareness of part-and-part mortgages – a mix of repayment and interest-only borrowing – was also limited.
Rachel Geddes, strategic lender relationship director, MAB, said: “Our research shows there’s no longer a one-size-fits-all first time buyer journey. Every generation is facing a different set of financial pressures and priorities when it comes to getting onto the property ladder.
“Many of these concerns are completely understandable, particularly at a time when affordability pressures remain high and buyers are trying to navigate rising living costs alongside saving for a home.”
Sara Palmer, sales and distribution director at Gen H, said: “There are so many aspiring homeowners out there who don’t feel recognised or supported by the mortgage industry, or who aren’t aware of the tools that exist, and that gap is keeping people locked in the rental cycle, missing out on opportunities to build community, wealth, and security.”
