UK Home Ownership Becoming Increasingly Difficult for Young Prospective Buyers
UK home ownership in the last few years has become a privy situation to find oneself in due to the increased level of inflation which has affected home values. Those who have been fortunate enough to find themselves owning a home can refer to themselves as lucky or part of a privileged group. Many who once were able to afford a home are now finding it too difficult to even consider it based on skyrocketing costs.
Owning a home in the UK is no longer a certainty for young people. Inflation has affected prices so much that a down payment is not even an option for many who could typically afford a house just a few years ago. Experts see this as a massive issue which could have damaging effects and create a country full of unaffordable dwellings. One UK housebuilder is out to change that.
Pete Redfern of Taylor Wimpey is heading up a review panel to tackle the issue. The situation is at urgent status since home ownership by under 35 year olds has dropped off more than 15% just since the year 2010.
Redfern commented on the growing issue recently, saying: "We are now in a borderline place. We have to keep this under watch.”
He added: "We should not want an environment of rampant house price growth. Both [industry and government] should want a sensible, regulated, but not over-regulated, market."
Redfern has found issue with schemes such as Help to Buy, citing increased demand and more price inflation as two negatives if the programme is to continue.