New research has suggested that more people want to buy, yet they expect to rent considering the rate that prices are increasing. The evidence comes from Yorkshire Building Society, showing how 49 per cent of non-home owners aged 35 to 40 think it ‘unlikely’ or ‘very unlikely’ that they will ever own a property (estateagenttoday.co.uk).
In addition, the numbers show how more than two thirds of all young adults felt that owning their own home was a crucial stepping stone to feeling accomplished and successful.
Unfortunately, almost half didn’t think they were earning enough money to be able to buy their own place, while a similar proportion worried they wouldn’t be able to afford mortgage repayments. As well as increasing prices, many blamed job insecurity for their inability to put a deposit down on their first home.
Almost a third of non-homeowners aged 35 to 40 have given up on ever buying, saying that they don’t think they will ever be able to afford to buy. The building society says this is equivalent to around half a million people across the UK expecting never to be able to afford to own their own home, unless there is a dramatic downward shift in house prices. Thankfully, the government have made measures to reduce these figures by introducing help-to-buy.
Help to Buy means an end to renting for thousands of Londoners and commuters. Suddenly, property ownership is within reach. Help to Buy offers a Government equity loan of up to 40% of the value of your home, on Inspired Homes’ London properties in Greater London boroughs including Croydon and Sutton. A 20% Help to Buy loan can be available on our other developments including Epsom, Crawley and Chertsey, and a 5% deposit is all that’s required up front, so owning a piece of ‘Brilliant Living’ is now a real possibility.
Speak to our Sales team to find out more about Help to Buy and to obtain expert financial advice on whether you are eligible by calling 020 8688 6552.