The Number of 'young' home owners & the change in trends
Posted on 9th February 2019
As your trusted property solicitors, we understand that the ultimate goal is to get onto the property ladder and become the proud owner of your new home.
Our Preston solicitors, (all of whom by the way own their own property, and completely understand how exciting it is to get the key and have that housewarming party asap), are on hand to make this happen in the smoothest fashion possible.
However, there may be other obstacles standing in the way of this.
Recent findings of the Ministry of Housing, Communities and Local Government have found that just 38% of adults under the age of 35 own their own property, in comparison to 55% in previous decades.
With an increase in shared ownership property purchases, as well as house price increases leading to many more choosing to rent property, the percentages have evidently taken a hit. There are issues surrounding affordability, increased house prices and strict regulatory standards all posing difficulty to those wishing to progress up the property ladder.
Efforts have been made to provide help to young home owners, for example with the introduction of help to buy ISAs and help to buy schemes – see our blog on ‘First Time buyers, A Helping Hand’ for more information.
The question does, however, arise as to whether this is enough. Recent reports suggest not, in that the number of young home owners has recently decreased by a third.
At MG Legal, our conveyancing team can offer a fixed fee competitive quote, with no hidden extras, making our fees one less thing to worry about.
For more information on this, or any other conveyancing query, contact our property solicitors Preston today at enquiries@mglegal.co.uk.
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