A generation locked out
Do you want somewhere to live? Bad luck rent’s sky high and energy bills are rising so you might as well forget saving. Yes the future for young Britons appears to be fairly gloomy with that triple threat of massive debts dower job prospects and the rising cost of living. So is there any hope?
The answer believe it or not is yes. I for one cannot help but admire the stoicism of a generation in which 9 out of 10 still have home-owning aspirations. The recent research conducted by property website New-Homes showed that 89 per cent of 18-34 year olds who don’t already own a home wished they did. With the financial climate as it is the rest of Britain might wonder as to how they haven’t been put off all together but this would be missing the point would it not? Homeownership is ingrained in our national DNA.
It was only last week that a young graduate tweeted @MillerHomesUK the following:
“As a 22 year old graduate starting a new job in two weeks I’ve got no money but would love my own.”
Forgive me for generalising but in light of the survey results it would seem that our tweeter represents a fairly large cohort.
Now whether it’s a planning debate or a mortgage famine that’s hogging property media headlines as an industry we should be vocal about it government responsibility or not. The survey results clearly show there is a demand for new homes but the issue being that those aspiring to become First Time Buyers (FTBs) are locked out of the market. On the whole it’s high time that the government properly addressed the fact that they abandoned a generation when the markets slumped in September 2008.
For us at Miller Homes it’s always been a simple case of supply and demand. We’re constantly looking for innovative solutions to ease the financial burden that’s on your shoulders when it comes to buying a house and I believe the housing industry has a responsibility to provide purchase incentives and keep affordability and accessibility a priority. Social mobility is essential to 21st century Britain and making sure that potential FTBs get all the support they can is integral to that mobility.
By Sue Warwick National Marketing and Sales Director