Home ownership impossible for young Britons

According to a survey conducted by the Halifax, almost half of people aged 18-34 believe that it is harder now than ever before, to buy a home.

The Halifax surveyed people in this age category who didn’t own their own home, finding that 48% thought it was almost impossible for them to get onto the property ladder, while 10% were considering moving abroad to buy a property. Inheriting money is considered to be the only way to be able to buy a property by 25%, and 22% believe that owning your own home is something that happened in the past.

According to the Halifax, the average age of the first time buyer is now over 30, while 80% of young people blame the rising property prices for not being able to get onto the property ladder. The introduction of the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review in 2014 has also made it much harder for people to obtain a mortgage, along with stricter affordability rules. Just over a third of respondents didn’t believe that they would be able to qualify for a mortgage, even if they managed to save a deposit.

People who are hoping to buy a home in London are struggling, as the average deposit for London properties is £100,445. According to the survey, 10% of people aged 18-34 believe that they will have to rent a property forever. Speaking to a mortgage adviser is often the first step, as they have studied on a CeMAP course and have experience of dealing with people struggling to buy their first home.


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