Youth of UK Find it More Difficult to Reach First Rung of Property Ladder

Youth of UK Find it More Difficult to Reach First Rung of Property Ladder

Their parents were able to do it, and so were their parents’ parents. Relatives beyond that were able to do it, but maybe not as simply as those who came after them. The thing they were able to do is own a home in their youth; a challenge facing young people today possibly more than ever. Housing in the UK has become wildly expensive for many which is making it more and more difficult for the youth to purchase a property of their own.

The latest UK housing market property ownership data paints a discouraging picture. The youth of today are having quite a time when it comes to affording housing. This is not a new issue, but one which is becoming increasingly prevalent and alarming.

There are a number of reasons for the youth facing trouble whilst purchasing property. First, the rate at which housing prices have grown over the past decade is staggering. What was affordable a decade ago, especially in areas other than London, is not affordable now for most on an average income.

Second, wage growth has not kept pace with the rate of home prices. This has created an environment with many fine houses to purchase, but without the same number of those who can actually afford them. Many have resorted to asking friends and family members to assist them with down payments on homes. They are left with saving for years and possibly living with mum and dad until they are in their thirties. The other option is renting and possibly having roommates.

A few solutions are currently in the conversation including reducing stamp duty for first time buyers and relaxing planning restrictions.

Obligation Free Remortgage Quotations

Get a Quote »