Recent research indicates that people who are under 30 years old face too many barriers to be able to buy their first home.
A survey conducted by The House Crowd, a crowd funding platform for property, revealed that 28% of people in the north west of England believe they will only be able to afford a property once they have inherited some money.
More than half of those surveyed in the North West, 58%, have serious concerns about raising a deposit, which is higher than those respondents in London, of which 53% had concerns. Almost half of all North West respondents feel that the UK house prices are far too high.
The research demonstrated that most people who are below the age of 30 consider there to be far too many challenges to face before stepping onto the property ladder. The CEO and founder of The House Crowd, Frazer Fearnhead, said:
“The situation for the younger generation appears to be getting worse, and it’s concerning that so many feel resigned to the fact that they will never be able to invest in property. However, if under 30s look beyond the conventional routes to property investment, there are ways to get that elusive first step on the property ladder.”
Fearnhead suggested that property crowd funding with a reputable company may be an alternative solution to the conventional approach to buying a property. Prior to signing up for any property deals it is always wise to check with a mortgage adviser who is CeMAP trained, who can help confirm that you have sufficient funds for the purchase.