Young people struggling to find a viable route to home ownership
Young people in the UK are struggling to find a viable route into home ownership that doesn’t involve relying on parents or family.
One in 10 thought saving up from monthly income and buying a property themselves was the best option available to buy their first home.
In research by YouGov commissioned by TheHouseShop.com one in five said that a young person’s best chance of getting onto the property ladder was inheriting property when their parents pass away.
Nick Marr, co-founder of TheHouseShop.com, said: “Young people, especially the millennial generation, have been the ones least benefitted by the substantial growth in the housing market over the past decades.
“Homeownership among under 30s has dropped significantly and many young people today are struggling to see how they can realistically make the jump from renting to buying.
“With the substantial boom in the buy-to-let market over recent years, we have ended up with a market where young professional renters are effectively funding the BTL mortgage payments of older generations – with little prospect of the roles reversing.”