With more and more people turning to rented accommodation, the number of people looking to break out and buy a place of their own is increasing, but how can people best get on to the property ladder?
Tenants paid a record £51.6 billion last year in the rent to private sector landlords alone, more than double that of £49.7 billion in 2007. The calculations are said to have increased due to rising rent costs, as well as more people renting.
Countrywide analysis suggests that generations born between 1977 and 1995 have been paying the majority of total rent in Britain.
In 2017, millennials accounted for 59% of rent paid in the UK, totalling at just over £30 billion.
This is a trend that the Conservatives have looked to reduce through policies made in the last few years, with the introduction of the Help to Buy scheme, as well as scrapping Stamp Duty for first-time buyers, and tougher restrictions made on landlords to deter low quality renters from the market.
Savings the key
The main goal to overcome when attempting to climb the property ladder is savings. This has been toughened due to the introduction of tough new rules on affordability.
Rumours suggest that people are getting turned down for loans because they overspend on the unnecessary, like takeaway or gym memberships.
Even though finances are important, it is typically debt issues, over-stretched budgets and lack of money management that is being watched.
All in all, those looking to buy their first home should start to prepare their move, long before researching into a specific property.
Buying or selling property? Talk to our conveyancing experts today by calling 0800 157 7055.