Just 3% of home buyers last month were aged 18-30
The number of young homebuyers has plunged to a record low.
July 22, 2014
Today’s Daily Mail front page news reports that a tiny 3 per cent of house sales last month were to those aged 18 to 30, down from 12 per cent last August.
The newspaper blames the stark figure on stagnant wages, rising property prices and tougher rules for borrowers which are squeezing the young out of the market, and notes that it comes despite Government efforts to stimulate more purchases through its Help To Buy scheme.
Paula Higgins, chief executive of the HomeOwners Alliance commented: ‘The door is closed to a generation. Young people feel so disenchanted that they are living in their childhood bedroom when they are 35.’
Mark Hayward, managing director of the National Association of Estate Agents, which revealed the figures in its monthly report, went on to say that: ‘Things are getting even tougher for first-time buyers.’
Recent changes to the mortgage market introduced in April have delayed purchases and more importantly made it harder for young people to borrow enough to enter or move up the housing ladder.
The NAEA reported a record 3.3million of those aged 20 to 34 still live with their parents – equal to one in four of the entire age group.
Trying to get on the housing ladder? Take a look at our free independent advice guides. Here are just a few to get you started:
- Government schemes to help you buy
- Shared Ownership – what to watch out for
- Top tips: How to save for a deposit
- How to improve your credit rating before getting a mortgage
- Step by step guide to extending your lease
- Mortgages made simple
- How and when should I get a mortgage?
- Do I need a mortgage broker?
- The Hidden Costs of Buying and Owning a Property
- Top Tips – clever questions to ask the estate agent
- How much can I borrow?
- One minute mortgage check