The latest figures from the National Association of Estate Agents show that very few young people are currently buying homes, with only 3% of last month’s house sales accounted for by people between the ages of 18 and 30. This contrasts with the situation a year ago when 12% of homes were purchased by people in the same age group.
The reason why the number of young people purchasing their first house has dropped so dramatically is thought to be because property price increases have made buying a home unaffordable for many of them. In fact, the Office for National Statistics recently released information that shows the average cost of a home for first-time buyers is now over £200,000.
Another factor affecting younger people’s ability to buy a home is the new mortgage affordability tests that have been put in place since April of this year. The National Association of Estate Agents’ managing director, https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Hayward, said that he sees first-time buyers being “squeezed out” of the housing market. He said that higher deposits and stamp duty, combined with the new rules that demand borrowers must prove they can afford their mortgage payments long into the future, have made things very tough for young homebuyers.
As it becomes harder for people to get the mortgages they require, more UK residents are taking CeMAP courses, from Leeds to Linlithgow, to provide much-needed professional mortgage advice to would-be homebuyers.
