Central london Real Estate and Business

Times have changed when it used to be the case those past generations we were able to

Get onto the property ladder without a problem, mortgages were not too highly priced and wages were in proportion to the property prices. However now that’s not the case. In fact in 2008 a young couple, even with their wages combined will find it a struggle to get onto the property ladder.

Where in the past it was a choice as to which area of property you wanted to buy, and what sized house that you wanted now it’s more a case of can you afford it ! 

Research that was conducted in the UK proved that a quarter of newly married young couples that want to buy their own homes, are in fact unable to do so.. So as much as the younger generation would love to get a step onto the ladder, chances are that they won’t be able to. It’s unlucky for the younger generation of the UK as they are forced to waste cash paying landlords for rental property instead of saving long term by purchasing the property they are paying towards.

In recent research studies it was proven that only 13 percent of young couples were able move towards a step on property markets, another astonishing 55 percent of married couples said that they had no plans to move out of their rented home in the nearby future.

Very soon though buyers are being advised that the property will start to drop in price making it a lot easier for couples to buy property. One quite area of buying property is the Christmas period. For those young couples (or singles) might I add that are trying to get that first foot onto the property ladder there may well be hope in the horizon.

If you are single and have no one to share the cost of a property with, you can worry even more! It’s a lot more difficult to get the bank to allow you to get a mortgage in your own name without the joint revenue of someone. As the mortgages for houses are sometimes 3 and a half times your salary.

There isn’t a bank or loan shark that will allow you to borrow more than 1 and a half times your yearly income. Especially for a single person, it has seen an increase n young people turning to their parents for help. Sometimes parents can be the guarantors for buying the property.

It is bad news if you are a parent (especially to boys!) as it has been proven that some boys are staying at home until they are it their 30s! Whereas before youngsters were moving out of the home and seeking independence. The state of the economy has forced them to have to rely on parents for a little longer than expected.

So parents beware, your kid might be staying put for a good few years to come!