For the past few years it has been almost impossible for your average young adult to get on the property ladder. More and more have resorted to renting or simply have no other choice than living with their parents due to the shear scale of house price fluctuation. A generation is literally being priced out of the market and I don’t dare even mention the worrying number of people who need a Quick Property Sale due to repossession threats.
A recent survey has concluded that 4 out of 10 people will not settle down until they can buy their own house whilst almost two thirds of those questioned said that the high house prices over the last few years are to be blamed for their inability to buy a house, with salaries no longer relative and banks no longer facilitating the ‘no deposit needed’ rule.
7% of people questioned aged between18 to 30 said that because they could not afford to buy a house, they have also put off marriage as the cost of that would delay their savings on a deposit. The survey involved 1, 096 young adults who did not own their own homes. Their living situations varied but the underlying factor was their frustration over unobtainable house prices. The government has plans to build 1 million affordable new homes by 2020 but there are fears that this won’t be successful in the time frame.
The lack of borrowing ability is bound to help prevent future people at risk of repossession but fortunately for those who are in that predicament there are companies around which will help people gain cash for property and I am certain it is those people that will see some benefits in the renting market.