{"id":305,"date":"2016-03-27T12:48:51","date_gmt":"2016-03-27T11:48:51","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=305"},"modified":"2016-03-27T12:48:51","modified_gmt":"2016-03-27T11:48:51","slug":"end-first-time-buyer","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-us\/2016\/03\/27\/end-first-time-buyer\/","title":{"rendered":"The end of the first time buyer?"},"content":{"rendered":"<p><strong>A new survey reveals that almost 50% of people in the UK, who have not bought their home by the time they\u2019re in their mid-thirties, doubt they ever will.<\/strong> <\/p>\n<p>Despite a desire to own their home, first time buyers are being increasingly squeezed out of the property market. <\/p>\n<p>Yorkshire Building Society commissioned a new research which showed that 49% of those who are between 35 and 40 years old and don\u2019t own a home, but aspire to, think that is \u201cunlikely\u201d or \u201cvery unlikely\u201d for them to ever own their property. <\/p>\n<p>NatCen Social Research conducted the survey and found that 69% of young adults (aged 18 to 40) described owning their own home as something essential to feeling like they succeeded in life, as well as it being a source of social and financial security. <\/p>\n<p>Still, the importance young adults place on home ownership is not matched by the same optimism regarding the fulfillment of this milestone, especially among older respondents. Therefore, the research suggests that the inability to buy a home is pushing a lot of young Britons towards an \u201cearly life crisis\u201d. <\/p>\n<p>\u201cIt is very sad to see how the hope of owning a home is fading for so many, especially as people approach their mid-thirties. For most people, owning a home is not just about security, it is also evidently integral to their feelings of self-worth, success and self-esteem,\u201d said Andy Caton, executive director of Yorkshire Building Society.<\/p>\n<p>\u201cHundreds of thousands of adults across the UK feel unable to reach this important milestone in their lives, with many reaching the conclusion that they will never be able to buy their own home like their parents and grandparents did,\u201d he added.<\/p>\n<p><strong>All in all, the survey revealed the following figures:<\/strong><\/p>\n<ul>\n<li>69% want to own a home<\/li>\n<li>45% don\u2019t think they\u2019re earning enough to buy their own place<\/li>\n<li>46% are afraid they won\u2019t be able to keep up the mortgage repayments<\/li>\n<li>38% can\u2019t afford the required deposit<\/li>\n<li>10% name the lack in job security as preventing them from owning their home<\/li>\n<\/ul>\n<p>Approximately 31% of renters aged 35 to 40 have given up the dream of ever buying, explaining they don\u2019t think they will ever be able to afford it. This figure equals around half a million people across the UK, who never expect to own their home, unless house prices go down dramatically. <\/p>\n<p><strong>Latest UK house price figures reveal that property prices have reached an all-time record high, with the first time buyer buyer paying 7.1% more than they would have one year ago.<\/strong> <\/p>\n<p>At the same time, the monthly rises in property prices continue to outstrip wage growth, leading to even more problems for wannabe homeowners who are already struggling to save or find a mortgage lender. To put this in perspective, an average home now costs 9.37 times the average salary, in 1971 it was 4.5 times. <\/p>\n<p>In London the situation is even more polarised. Almost half of London\u2019s first time buyers name the high house prices as the main factor preventing them from buying a home and 43% said they would be willing to move to a more affordable part of the country if that meant they could be owning their own home. <\/p>\n<p><strong>More drastically, some 26% of Londoners would even consider moving to another country to buy their own home. At the same time, 20% of wannabe first time buyers claim they moved down to lower quality in their rental accommodation to save for their deposit.<\/strong> <\/p>\n<p>Source: Property Wire<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new survey reveals that almost 50% of people in the UK, who have not bought their home by the time they\u2019re in their mid-thirties, doubt they ever will. Despite a desire to own their home, first time buyers are being increasingly squeezed out of the property market. Yorkshire Building Society commissioned a new research<a class=\"excerpt-read-more\" href=\"https:\/\/www.buyassociationgroup.com\/en-us\/2016\/03\/27\/end-first-time-buyer\/\" title=\"ReadThe end of the first time buyer?\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":1069,"featured_media":4790,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7,59],"tags":[79,81,22,84,63,78,37],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/305"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/comments?post=305"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media\/4790"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media?parent=305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/categories?post=305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/tags?post=305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}