Taylor Scott International News
A generation in the UK has given up on the dream of owning their own home as a result of the property boom, according to a survey by a legal firm. The hopes of thousands of first time buyers have been dashed by runaway property prices, the need to secure huge deposits and job insecurity, the poll of under 45s who have yet to buy has found. More than half, 51%, of 25 to 45s thought they had little or no prospect of ever owning their own house with 40% of those aged 35 to 44 who were still struggling to get on to the property ladder believing they will never be able to afford their own home. Overall one in five said they have been left totally disillusioned by the current state of the property market and nearly one in three said they were having to cut back on essentials, such as food and heating, at the end of each month in order to save for a home. A third had taken on extra shifts or another job to raise funds while a fifth have chosen to move back with their parents so they could get some savings behind them and nearly half questioned were going without holidays. But a large majority of those questioned revealed they were not aware of or had not looked into other ways of getting on to the property ladder. The survey by property law experts Slater and Gordon found that those who were actively saving for a place had managed to bank on average just £10,570 towards a deposit but needed at least three times that amount to feel they stood any chance of securing a home and affording stamp duty. ‘It can be incredibly dispiriting for people saving towards their first home to see an unrelenting rise of house prices. But there are a lot of schemes and incentives out there that people just don't know about. It is possible to do it with the right financial planning early on,’ said Stephen Lintott, head of property law at Slater and Gordon. ‘The recent changes to stamp duty land tax may have helped in the short term, but in the long term the supply of housing needs to be boosted, perhaps by a reform of planning and tax laws and the rental market needs to respond to changes in how people want to rent,’ he added. The survey also found that just 39% of those trying to get a deposit together have managed to leave their savings untouched and 61% said the simple cost of living, such as everyday essentials, unexpected bills and clothes, meant they have to dip into their funds. One in 10 said they felt trapped by the high cost of rent while one in five said ownership was less realistic for them than previous generations. But nearly four in five of under 45s had never heard of or explored the option of shared ownership schemes,… Taylor Scott International
Taylor Scott International, Taylor Scott
