The current housing market continues to rise whilst wages are struggling to match. This creates a problem by making it difficult for the 18-34 year old generation to buy a house. Currently, deposits for homes range from 32,000 pounds and as you work your way inward towards London it jumps to around 100,000 pounds.
This incredibly high deposit is making affording a house for this generation nearly impossible. The current means for affording this are scarce and the only way it will bounce back is if lenders do their part in bridging the gap.
- First-time buyers are taking up longer mortgages, 30-35 year terms
- The number of first-time buyers has gone up because of helps from parents and government renter-to-owerns programs
- Lenders' programs are almost entirely out of reach to anyone not receiving financial assistance from their parents
"A recent report from Halifax found that half of 18- to 34-year-olds did not believe homeownership was a realistic option for their generation, with 65 per cent of respondents saying they did not earn enough to save for a deposit."
Read more: https://www.mortgagestrategy.co.uk/housing-watch-isnt-house-purchase-right-not-privilege/
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