NHPAU: Nine in ten young people can't afford property
New research suggests that nine in ten young people cannot afford to buy the average first-time buyer property.
The National Housing and Planning Advice Unit (NHPAU) said that this ratio of 18 to 34-year-olds do not have the financial capacity to get on the housing ladder.
People struggling to gather together the cash to purchase bricks and mortar may find property to rent in London is more suitable for their budgets.
flats to rent in Blackheath and property to rent in Kensington are among the options at young people's disposal.
According to the NHPAU, more than six million young people in the UK are financially restricted from buying property.
And it would seem that the situation will continue in the imminent future, with people weighing up various issues ahead of investing in a home.
Graeme Moran, managing director at affordable housing organisation Metropolitan Home Ownership, said: "People are going to look for more certainty over what government policy is [and] they are going to look for more stability in the financial markets [before buying]."
Written by Andy Britten
Published 10th July, 2009
© 2009 Estates IT Limited
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