Our October 2015 survey finds that a quarter of under 30’s say they need someone to die before they can afford to buy a property.
This October The House Crowd carried out a survey of 1,000 18-29 year old’s from across the UK.
Whilst the results highlighted some points that most people will already be familiar with and perhaps consider as a reason to use our platform there are some very surprising and perhaps sobering statistics that come from the survey.
Millennial’s feel UK property is so out of reach that 23% say they will have to wait until they inherit money before they can get on the property ladder.
Research also revealed 16% believe that they will have to invest their money abroad as soaring UK house prices make domestic property unaffordable.
The survey indicates that 87% of under 30’s have not been able to afford to invest in property. Though many are frustrated by this – 36% of those surveyed said they felt they’d have to rent forever – 31% are simply resigned to their fate, saying it’s the same for everyone of their generation.
The House Crowd’s research shows that today’s twentysomething’s feel that there are just too many barriers to make their first steps on to the property ladder:
- 54% can’t afford to save a deposit
- 55% say UK house prices are too high
- 35% can’t afford mortgage repayments
- 19% don’t want to be tied down to one location
Having read through the comments and statistics Frazer commented, “The situation for the younger generation appears to be getting worse, and it’s concerning that so many feel resigned to the fact that they will never be able to invest in property. However, if under 30’s look beyond the conventional routes to property investment, there are ways to get that elusive first step on the property ladder.
“Property crowdfunding through a reputable organisation like The House Crowd enables people who don’t have access to large deposits, or the ability to pay big mortgages, to invest. We also take care of all the management and maintenance of properties, so young investors can focus on their busy lives and building their careers while we look after their investment.
“Twentysomething’s don’t have to deal with mortgage lenders and endless questions from the banks to invest in property – there is another way.”
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