Halifax ran a research study asking young people in the UK about their thoughts about buying a home. Many of the people explained that they could not afford to buy a house, assumed they would most likely be renting for the rest of their life, and that many had not done their research. Halifax gives young people tips such as having them try to use calculators to see how much they can afford and to see what kind of programs or incentives the government may be offering for homebuyers.
Key Takeaways:
- Financing the purchase of your first home isn’t easy. This leads 25% of 18 to 34-year-olds to believe they’ll never own a home.
- One in five households live in a rental situation. Home ownership is at its lowest in 30 years.
- Home ownership is possible and there are some government schemes available to help out first time buyers.
“One in four young people who do not own a home are pinning their hopes on an inheritance to help them on the property ladder, research has found.”