UK survey: Harder than ever to get on property ladder UK survey: Harder than ever to get on property ladder
Share this on WhatsAppThis may sound all too familiar. One in four young people in the United Kingdom think they will never own a... UK survey: Harder than ever to get on property ladder

This may sound all too familiar.

One in four young people in the United Kingdom think they will never own a home, according to a survey participated by 1,500 18- to 34-year-olds from across the country.

They are pinning their hopes on inheritance to help them get onto the property ladder, UK newspaper Daily Express cited Halifax, a division of Bank of Scotland plc.

The survey shows 25 per cent of these young people are relying on inheritance to buy their first home. Another 25 per cent think they will never own their own home. About 48 per cent or nearly half of them think it is harder than ever to get on the property ladder.

One in five said they would consider leaving the UK to buy their own home. Some 14 per cent or one in seven young homeowners think they will be renting for the rest of their lives. About 65 per cent of those surveyed say they do not earn enough to buy their own home.

Various government schemes have been unveiled in recent years to give people a helping hand onto the property ladder. A housing white paper has also been launched to help homebuyers and renters.

Figures from the English Housing Survey recently showed that one in five households in England is living in private rented accommodation.

At the same time, homeownership has fallen to its lowest level in 30 years.

A housing economist at Halifax said many young people feel they are running a “financial gauntlet” by saving for a deposit, finding an affordable property in the right area and funding living costs.

His advice: It’s never too early to do research to help build a better understanding of how much is affordable, the borrowing options available and calculating what’s achievable to help make owning a property more of a reality.

 

 

 

 

Property 360 Online

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