'More than half of young people concerned about saving home deposit'

The following is taken from an article from Mortgage Strategy on 14th December 2022:

‘Over half of 18- to 34-year-olds are worried the cost of living crisis will limit their ability to save a deposit for a property.

According to Bluestone Mortgages, which surveyed 2,000 adults, around 59 per cent are worried about their ability to get onto the property ladder.

The report added that on average those in this age group expect to be £146 a month worse off due to the rising cost of living.

Young people are already making lifestyle changes to save money, with 52 per cent cutting energy consumption, 48 per cent eating out less often, 39 per cent cancelling subscription services and 31 per cent limiting holidays.

The report added that a quarter were looking to move back in with family to better cope with financial pressures.

Steve Seal, CEO of Bluestone Mortgages, said the cost of living crisis was adding to the stress young people faced getting onto the property ladder.

He continued: “Combined with the Help to Buy scheme having recently closed to new applicants and lenders withdrawing from the market due to extreme market volatility, prospective first-time buyers are clearly worried about their ability to make their home ownership dreams a reality.

“With no plans from the government to replace the scheme, we, as an industry, must collaborate and make a determined effort to reassure first-time buyers that there are other options available to buy their first home, including Deposit Unlocked and Shared Ownership.”

Seal concluded: “Looking ahead, it’s vital that lenders and builders work together to assist borrowers in achieving their home ownership ambitions in a post Help to Buy environment.” ‘

So, if you’re a first time buyer and want to explore the different options available to you when looking to buy your first home, please get in touch with us at Adept Private Finance, where we will be happy to help.

Adept Private Finance is a trading style of I-Property Finance Limited, which is authorised and regulated by the Financial Conduct Authority. Our Financial Register Number is 734423.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.