Home ownership is still very much an exclusive group in the UK. First time buyers have for over a decade found the property ladder to be a difficult thing to climb. The first rung of that ladder is rising further out of reach as house prices continue to grow and mortgage lending tightens.

Despite several schemes put into place by government to assist first time buyers, the majority are still finding the aspect of ownership to be a lofty dream. In fact, many experts have suggested that we are in a financial stage in which generations will be renters.

This is a tragedy for many reasons. Research has shown that stability and community enrichment is more capable when there are more home owners. In addition, children have been shown to be happier and do better in school when they live in an owned home. However, the greater tragedy is that young adults are likely to travel outside of the UK to seek their goals of home ownership. In turn, the UK will be losing their younger generations as well as talented and skilled workers.

Because of the difficulty in obtaining a mortgage for first time buyers and the hardship in securing a deposit, most face renting. Research has shown that it is more costly at this point to rent a home than to own one, which furthers the difficulty in saving for a deposit to get out of the renting loop.

House prices have been on a steady incline in many of the UK areas. Demand is only expected to grow further due to the lack of new properties coming onto the market for sale. This will push house prices up more. Also, starter homes are a rarity as many first time homeowners have stayed put rather than upgrading in the last decade. This has further caused a shortage of available homes in the level of starter homes.

Experts, charities, and governments will be pushing the issue of first time buyers’ woes up the priority list in an attempt to repair the UK property ladder. For while interest rates are low and very affordable, more should be realizing homeowners, but they are not. It is of great importance for our future and the health of the economy to shift the current situation to be more favorable for first time buyers.