Sacrifices needed to get on the ladder

29th July 2016

More than half of all young people say they know they will have to make sacrifices if they are to ever become homeowners, a report from First Direct shows. A poll of 18 to 34-year-olds saw 19% say they will only be able to afford their own home if they relocate, while others may have to downsize or cut costs by giving up hobbies and interests. The research shows 7% of those aged 18 to 24 currently own their own home – with this going up to 34% for those aged 25 to 34. A majority of the 2,000 respondents who are currently in rental property say they will be approximately six years over the national average of 30 before they can get a foot on the property ladder.

The Independent (27/07/2016)