The future of growth within the UK housing market is now being threatened by the high cost of stepping on to the property ladder, according to the latest research. House prices have become so unaffordable it is creating a possible bottleneck effect for those searching for their first property. Many young people are even foregoing the start of a family with children to have a stronger chance of owning a home. For those owning a home however, now is the time not just to take advantage of owning a home, but also consider a way to optimize the family budget through a remortgage.

Young people are now placing the possibility of having children on hold and trading it for a better financial chance to own a home, according to the latest data from the Adam Smith Institute. The cost of settling down has reached a level which many are finding unattainable.

The average cost of a UK house has now eclipsed £218,000, although this is slightly less than the month prior. House prices have been on a steep trajectory for years with prices only this year beginning to slowdown in growth.

The ASI report contained a comment concerning the latest data, saying: “The housing crisis is a well-known immediate economic problem, but this report showcases how it is wrecking the lives of the people of this country, preventing them from having the children they want to have.”

As the youth of the country is the future of the housing market and impacts other issues like caring for the elderly, this is a serious matter. An ageing population means more health care costs for the NHS. An individual over the age of 85 requires three times the cost compared with a person between 65 and 74.