Buying your first home can be an exciting yet daunting process, with the slow increase in property prices and the financial wobble caused by brexit, young people in the U.K. are feeling the pressure more than most. 62% of people asked in a poll revealed that they felt that they will be renters forever due to high property prices and the lack of support by the government to help first time buyers.
Key Takeaways:
- Almost two-thirds of renters in the UK believe they are unlikely to buy a home in the next five years
- The proportion of households that own a property has fallen to a 30-year low of 62%
- After years of house prices rising faster than pay, many young people have simply given up hope that the housing crisis can be fixed, and worry they will never have the same security of owning a home that their parents did
“many young people have simply given up hope that the housing crisis can be fixed, and worry they will never have the same security of owning a home that their parents did.”