A recent article by a leading think tank highlighted the impact of surging property prices on the young, reporting 9 out of 10 Britons on modest incomes under the age of 35 could be frozen out of home ownership within the next decade.
The resolution foundation reported many aged 18 to 34 face the prospect of being permanent renters and home ownership could be restricted to the wealthy and elderly.
David Willetts former Conservative cabinet minister said that in 1998 more than fifty per cent of people aged 16 to 34 living in households with income of between 10% and 50% of the national average were able to buy their own home. In 2013 that percentage had dropped to 25% and was on course to drop to 10% by 2025 across the UK with London forecast to be closer to 5%.
The average price of a home in the England & Wales has reached the £200,000 mark according to a number of publications with land registry March figures showing just under £190,000 with the capital coming in at £534,784. We told the average first time buyer property has increased by around £18,000 in the last twelve months, an amount few could save to keep up with property prices, and private rented property is now at an all-time high with the average family home costing araound £800.00 pcm.
Average First Time Buyer Deposit £32,927
Government supported help to buy scheme as offered hope for many only needing to find 5 per cent of the property price, but what about the thousands of first time buyers that don’t tick all the boxes to qualify for one of these mortgages.
Research from one of Britons leading high street leaders has uncovered the plight facing first time buyers with the research suggesting they now need to find a deposit close to £33,000 on average to secure a home today. A rise of 88% from £17,499 back in 2007 to today’s figure of £32,927.
An amount even the back of mum and dad will struggle to support.
New mortgage lending criteria based on affordability has also put a squeeze on many would be home buyers, and self-employed people have also suffered.
Register With Us Free Today, for more information on the new easy way to secure a home you can one day own, and move in without a mortgage or massive deposit, the two main stumbling blogs holding so many hard working people back.
Most Expensive Road to Buy a House
Victoria Road in Kensington, London is reported to be the most expensive street in England and Wales, with the average property costing over 8 million.
Close to Kensington Palace and the Albert Hall the average property in Victoria Road costs £8,006,000 according to research from leading high street bank.
Kensington and Chelsea offers a glamorous lifestyle attracting many overseas buyers, and is home to twelve of the twenty most expensive streets.