A triple whammy of high property prices, high rents and low interest rates on savings is preventing ‘wannabe home owners’ from getting onto the property ladder.
Research by comparison website money.co.uk shows that of the one thousand 18-34 years olds they surveyed, 53% can’t afford to save for a deposit because they are only just covering their current day-to-day living costs. A further 40% feel that they can’t buy a home on their own and need additional financial help.
For those stuck in expensive rented accommodation home ownership may well seem like a ship sailing further and further away. In the research, 16% could only see themselves owning a home after an inheritance from a family member.
However, what the money.co.uk research did show was that many weren’t aware of other options to help them buy a home. Only 24% had heard of shared ownership schemes or Help to Buy ISAs and even fewer were planning to use them.
For anyone who feels that their dream of home ownership may simply never come true, it’s worth investigating all the available options:
Be realistic about what you can afford and don’t expect your first home to be your dream home. Consider cheaper areas or buying a property that needs renovation (if you have the skills to do it yourself or with friends and family).
Or think outside the box and build your own!