Would be first time buyers are stressed out with worry over cost of a home
The vast majority of would be first time home owners feel stressed about saving for a deposit to get on the housing ladder in London, new research has found.
Overall, some 81% of people currently renting aged 24 to 35 are concerned and stressed while just 25% think that home ownership in London, where prices are much higher than the rest of the country, is achievable for them within the next three years.
Indeed, according to the survey from housing association L&Q, 25% think that they will be aged 40 or over before owning their first home and 57% will need to buy with a partner to be able to afford a home.
It also found that 76% think that location is important or very important when buying a home yet the same number, 76%, expect to have to compromise on location when buying a home in London.
Over a third, 36%, said they will rely on family members to help them onto the housing ladder and 62% have lived in more than one rented property in the last three years, suggesting they are unable to put down roots.
‘This survey shows, when it comes to the property market in London, expectations have changed dramatically over the last decade, and there are some seriously stressed out renters,’ said Alice Turner, Property Marketing and Events Manager, L&Q.
‘The instability of not owning a home can make it difficult for young people to really put down roots in the capital. As a result, alternative routes to home ownership, such as shared ownership, are becoming increasingly important,’ she added.
The scheme offers buyers an affordable and achievable route onto the housing ladder at a much earlier age, with recent data from the National Housing Group showing that the average of a shared ownership buyer is just 25.