Home ownership a poor investment, say 14% of youth
Young Britons feel they need to be earning over £33,500 before making their first move on the property ladder, with 14% of the opinion that property would be a poor investment.
The Young Money survey of over 2,000 people aged 20-29 found that they feel they need to earn £33,729 before they can start saving for a mortgage, over a third above the national average wage.
Nearly half of the respondents said that they feel they will never be able to afford their own home, although those in their early 20s were more optimistic than the average with 62% expecting to own their own home at some point.
Lack of job security was cited by 38% of people as the main reason they could not afford to get onto the property ladder but 14% of the twentysomethings surveyed said they did not wish to be tied down to a property.
Michael Taggart, director at MRM, said: “We are seeing a seismic cultural shift with swathes of young adults giving up on owning a home any time in the near future.
“A combination of historically high house prices and lack of availability of mortgages has simply moved homeownership off the agenda.”