UK Property market unable to cater for all budgets
New property research across the media and from the Chartered Institute of Housing suggests that those with mid-range incomes are struggling to find properties within their budget. With a housing shortage accentuating this problem, it has been noted that some consumers are finding pressure building because they earn too much to live in council housing, but not enough to emerge on the property ladder as a buyer.
Even renting has been proving difficult for some, as real estate prices amongst those who are leasing have rocketed ‘beyond the realms of affordability’ for some.
Accessibility difficulties have been compounded by new research which has been released through the UK housing charity Shelter. According to findings conducted through surveys, almost a fifth of those who hope to emerge on the property later believe that they will be waiting for a decade before they can put down a deposit on a property – with some mortgage lenders and housing companies requiring substantial down payments of tens of thousands of pounds.
Meanwhile, one in five of those between the ages of 18 and 35 still live in the family home because of the high cost of renting a property, or buying one outright.
Some professionals and consumers believe that social issues are going to be prominent in the coming years if the prices and lack of property are not addressed. Even the birth rate seems to be slowing down as up to 5 million people in the UK could be postponing having a baby until they find a home which they can afford to live in comfortably.
There are more priorities now to buy a home than ever before – yet despite this, many people will be waiting until their late 30s before they achieve buying their own home outright.