First time homeowners in the UK are getting older and less plentiful than previous years. This is mostly driven by higher prices as well as higher deposits needed to purchase a home for the first time. Other reasons include lack of suitable properties as well as difficulty security loans as well as assistance in purchasing. This is why younger people are typically renting more and buying less, creating a new class of individuals known as Generation Rent.

Key Takeaways:

• Rapid increases in the real estate market since 2000’s cause difficulty for younger people in the UK to become new home owners.
• The fall of new homeowners have begun to declined over the last 17 years.
• Lending issues and price hikes of up to 180% in real estate created a more inclined generation of renters.

“First-time buyers in the UK are getting older, and there are now far fewer people getting onto the property ladder than there were in previous years”

Read more: https://www.rman.co.uk/view-article.php?id=801838951