Life in the UK is changing, career paths are changing, and so are the ways we find accommodation.
The Traditional life pattern in the UK is to go to school, get an education, find a job, buy a house, get married and start a family. But life is rarely so simple and this path is increasingly unrepresentative of modern Britain, as a new report by Fidelity International has demonstrated (read the full report here).
With house prices increasing year on year by an average of around 4.5%, the traditional way of life is fast becoming historic, and the biggest problem is financial. First-time buyers need a good amount of capital in order to make that first purchase and, despite government initiatives, this is still difficult to achieve.
Property ownership among young adults is at an all-time low
The research report by Fidelity International shows that nearly two-thirds of 18-34-year-olds are not property owners, and of that group, 34% are still living with their parents. Happily, the same research report finds that most parents are pleased to have their children living with them for longer than is traditional in the UK, and 50% of parents said they “love” having their adult children around them.
Parents with adult children living at home are in an ideal position to help them build their finances, pay off any debts, and get on the property ladder in the future.
A great deal optimism: there are options available
There is still a great deal of optimism among young adults and the dream of owning your own home is quite achievable if you have a plan in place to put aside some money every month, to build that credit rating, and demonstrate a good level of financial stability to mortgage lenders.
Ian Bythell, Director at Petty Real, offers his advice:
“If you are a young person tired of living in rented accommodation, don’t despair. There are lots of viable options on the table, especially if you have a steady income and a stable job.
Come and talk to the team at Petty Real. We are a friendly, approachable company staffed with good people who know what they’re talking about. You’ve got nothing to lose by coming in and having a chat. We can help you understand your options and put together an action plan for to achieve your goals.”