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In a Nutshell - Young People and Buying

In a Nutshell - Young People and Buying

Two Thirds of First-Time Buyers Are Couples

Research suggests first-time buyers don't have a hope of getting on the property ladder unless they're in a couple. 

The Nottingham Building Society conducted a study showing that 63pc of first-time buyers in the last five years have been part of a couple when making their purchase, and only 18pc of those would have been able to afford on their own.

47pc of people said they simply couldn't afford to save for a deposit. 33pc said their main issue was finding a house they could afford.

The necessity of two contributory salaries is forcing single people to find a long-term partner before they realistically look for a property.

Source: City AM

A Decade to Save for Starter Homes

Young couples won't be able to afford a London starter home until 2028 - even if they start saving today.

The figures have been released by property services giant JLL, who found that even a 20pc government discount will still not be enough to stop couples saving for a massive 12 years before they get their hands on a property in the capital.

The findings provoked criticism of the Starter Home terminology - an upper limit of £450,000 in the capital but just £250,000 elsewhere in the UK. In practice, the necessary salary for a £450,000 'starter home' would be close to £80,000, which could even be tough to achieve for couples.

Even those among the top 25 per cent of earners, with salaries of £35,784, will need six years to save for a starter home, or three years outside the capital. 

There is good news though . those same couples will only need to save for four years for a property beyond the capital.

Source: City AM

Multigenerational Households Set to Rise

There has been a 32pc increase in 21-34 year-olds living with their parents since 2005, and a 46pc in multi-family households.

These are the findings from Aviva, who found that 2.8m 21-34 year olds live with their parents - 23pc of people in that age bracket.

The report says that the number could increase to 3.8m by 2025.

Two thirds of people living in multigenerational households say the benefits outweigh the drawbacks, namely the lower financial pressures and the company of your family.

Source: City AM