While research suggests that more young people get making their way onto the housing ladder than at any point in the past, there are still many stumbling blocks that prevent millennials from obtaining their dream home. With that in mind, some of the most prominent problems get a mention in this post. There is also an infographic that contains more info at the bottom of the page.
A lack of savings
Everyone has to save for a deposit if they want to get on the housing ladder and become a property owner. However, young people seem to have an issue when it comes to managing their finances these days. Research shows that around 60% of those under the age of thirty have unmanageable levels of debt.
A lack of knowledge about government schemes
There are lots of government-backed schemes in place that should help young people to buy a home these days. The problem is that lots of people have no idea about them, and so they never benefit from the situation. Do yourself a favour and conduct a LOT of research if you plan to buy a home this year.
Poor employment prospects
Most banks won’t offer mortgages to people who don’t have stable jobs. Zero-hour contracts are everywhere these days, and while they help business owners, they don’t assist young people in getting substantial loans from their bank.
Now you know about some the issue affecting young homebuyers today; you can try your best to work around them. Also, be sure to share this article with any relatives you might have who are about to take their first step on the ladder!
Graphic title: Nationwide on How Millennials Change the Housing Market