Millennials Challenged to Find Spot in UK Housing Market
Real evidence of rising house prices over the past decade is now surfacing with indications of a major squeeze on young people and their challenges in buying property. The 18-35 age group has been significantly affected with many within the group seeking out the Bank of Mum and Dad for their initial down payment. House price growth has impacted Millennials in many regions across the country but not nearly as much as in the capital city of London.
Millennials are being squeezed out of the property market. The group has witnessed historical house price growth over the past several years and been left looking up towards a great mountain. The mountain is the down payment and they are lacking the equipment to climb.
Over the past quarter, those aged 66 and over were the only group to see increase in the number of property transactions. This is a strong illustration of how the silver economy is in control at the moment. In contrast, the 18-35 age group has seen a decline of more than 21% in home buying during the last quarter alone. According to TwentiCi, the age group has also seen a year on year drop in home buying of more than 13%.
The report also stated an increase in the number of high end properties trading hands. Those properties valued at more than £750,000 bought and sold have jumped during the past quarter and are now in the driver seat in regard to growth.
The average age of the UK first time home buyer is now 30, with London seeing an even older age of 34.