Millions unable to join UK property ladder
Recently published research indicates that young Britons hoping to own their own home will be nearing their 40th birthday before they are able to sign on the dotted line and take the very first step on the UK property ladder.
In a survey produced by a well-known comparison website millions of Britons, when asked at what age they thought they would be before they could buy their first property, answered that they had no intention of buying a property.
UK mortgages are no longer flying off the shelves the way they did just five years ago, indeed prior to the global credit crisis there was almost 15,000 mortgage products available throughout the UK property industry – today there are less than 1,350 available for first time buyers.
Historically there has been a home-owning culture here throughout the UK but according to many experts future generations of potential homeowners are more likely to remain as tenants, certainly for the greater part of their younger years.