Think you have a better knowledge of the housing market than 11-year olds? Think again.
- Younger generation were tested on their knowledge of the housing market
- Confusion around stamp duty and what a cul-de-sac is
- Two year-seven students, a uni student and a young adult were quizzed
- Further details can be viewed here, video embed codes in ‘Further Information’ at end of release
Members of the public were pushed to their limits when questioned about different aspects of the UK housing market.
The experiment, which was carried out by online UK estate agent Hatched, asked individuals from different life stages (year 7 students - aged 11, an A-level student aged-17, and a young adult – aged 23) to complete some visual and verbal tasks about the housing market.
This included verbal questions and a practical task which asked the participants to guess the costs of different houses that were put in front of them.
Interestingly, whilst the younger students appeared to fall short in some of the answers, their estimations of house prices was seemingly more advanced when compared to the eldest candidate.
The full videos can be viewed here: https://www.hatched.co.uk/blog/148/hatched-quiz-shows-how-much-young-people-really-know-about-the-housing-market
Least expensive – guess £75,000, actual £100,000 – wrong by £25,000
Most expensive – guess £1,000,000, actual £940,000 – wrong by £60,000
Total difference in price estimations = £85,000 (best out of all 3 respondents)
Millennials however appeared to be a little more pessimistic about the process of buying a house. With comments including “lots of money” and “it takes too long”, the quiz results imply that they may have a negative attitude towards the housing market.
One of the more notable comments from the youngest participants was given when asked “what is a cellar’, promoting a humorous “it’s a place you put the wine” answer.
Interestingly, mortgages were one of the few things all our candidates were clued up on, including the youngest interviewees. However, one of the bigger doubts on the mind of the participants was around what a cul-de-sac was, with this question opening numerous other doubts.
David Martin, Chief Operating Officer at Hatched, commented on the findings:
“The obvious outcome to the experiment would be that our young adults were clued-up on all things property, but in actual fact, it was the younger generations that appeared to be ‘on top form’ with their answers.
“The great thing to see was how clued up the year-7 students were when it comes to purchasing a house and how they had a much better knowledge than expected on mortgages and how long it would take to purchase a house.”
More information can be found here: https://www.hatched.co.uk/blog/148/hatched-quiz-shows-how-much-young-people-really-know-about-the-housing-market