4m Give Up On Home Ownership

4m Give Up On Home Ownership.

Research has revealed that over 4m people have given up on owning their own home.

Castle Trust, who commissioned the report, claims that following its survey up to:

• 1 in 7 adults believe they will not own their own home before they hit 30
• Nearly two million 25 to 45 years olds believe they will never buy a home
• 4.1m Nationally will not own a home and will rent.

Comment

Property ownership is not a right.  We have to look back to our parents and grandparents where it was not so easy to secure a mortgage in the 1960’s and 1970’s, deposits had to be saved for over a period of years and then eventually you could afford to buy a home.

This discipline appears to have left us in modern times.  Many people in their 20’s and 30’s choose to drive a nice car and take regular holidays.  This was not the case in the 60’s/70’s.  People used public transport more regularly and did not take a couple of foreign trips a year.

At the end of the day, we all have a right to choose how we spend or save our money.  Property ownership and a mortgage is probably the biggest debt you will ever take on and lasts for 25+ years.

Property prices are on the rise again and we have seen some figures that suggest the average wage will need to double to catch up with property prices.  This may be so in London and the South East.  For many we are also seeing property seekers approaching parents and grandparents for help with deposits and this has always been a source for those trying to get on the property ladder. 

One thing is for sure, the cyclical effect of property boom and crash is still here and will stay.  We are currently in a boom, which is spreading around the country and will prevail for a couple of years and then prices will fall back again.

If you are struggling with budgeting to save for a deposit, contact us for help.