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To rent or to buy – do British young adults have a choice?

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Tuesday, 31 May 2011 14:40

Over the last five years the UK housing market has changed dramatically. From the abundance of a hundred percent mortgages, and high approval rates we have seen prices plummet and first time buyers struggling once more to get a foot on the property ladder. So what does a young adult in the UK do about finding a place to call their own?

Staying at home

An increasing number of young people are foregoing their freedom in favour of saving up their hard earned cash. Staying at home may well be an option for the young person determined to one day own their own home, but may not always be possible – especially where parents themselves may be wishing to downsize.

Renting

Whilst the housing market has been in turmoil, the market for rental properties has increased, leading an increase in the average monthly rental. This means that for all of those renting whilst trying to save for a deposit, trying to save just got that  little bit harder.

Buying a home

For many, buying a home seems an impossible dream. A recent online survey carried out by Populus found that over seventy five percent of 20 to 45 year olds questioned would like to own their own home. However, sixty four percent believed that they had no chance of ever doing so.

First time buyers seemed most perturbed by the current market, with sixty seven percent feeling that there was little point in applying for a mortgage as they expected to be turned down, with eighty four percent believing that the banks would not want to lend to them and were likely to make excuses.

Boom and Bust no good for first time buyers

The fluctuating market is a perilous zone for first time buyers, as they are at the forefront of the financial implications. Just as the first time buyers of 5 years ago are paying off huge mortgages on properties which have decreased in value, the first time buyers of today are struggling to find hefty deposits. While the housing market remains unstable, it’s a confusing and hostile place for first time buyers.

How we are trying to help

Percy Williams supports a stable housing market. We plan sustainable developments within the community which are affordable and designed to stand the test of time. Our eco development at Fairglen also offers significant savings in fuel bills, allowing occupants to have a greater quality of life for their budget.

 
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