As the cost-of-living crisis continues to batter the country and our economy, I sit here and think about what life may hold for our younger generation just starting their journey of independence. But with house prices not cheap and other factors like energy prices at an all time high, the ability to afford rent and bills seems pretty much impossible - let alone buying a home of your own.
A recent survey, commissioned by First Direct, found that the cost-of-living crisis had around 86 per cent of hopeful buyers “somewhat concerned” over how it would affect their plans to buy a home of their own. Once you’ve finished school, gone to university, graduated, moved out of the family home and have a job, you look towards what you want in the future and for many people this is owning their own home. While this is a wish of many, the current property market prices don’t have many people hopeful they can afford it.
Read Next: Average first-time buyer will take seven-and-a-half years to save for house deposit
Statistics from January this year show that the average age for first home owners in the UK is 34, six years older than it was over 10 years ago.
As a young person who has just graduated university, I find it hard to believe that I will ever be able to own my own home. Coming from a family who have never owned the roof over their heads, my dream is to be able to own my own home within the next five to 10 years but right now that seems impossible.
Another worry of young people is having money to be able to afford the basic necessities to live. This seems to be the story of young people across the nation. First Direct's survey showed it could take up to seven-and-a-half years for first-home-buyers to save up the money for a deposit.
Feeling curious? Follow Curiously on TikTok, Instagram, Facebook and Twitter.
For many people, they don’t begin to think about buying their own home until their early to mid-20s, so by this point they are looking at at least early 30s if not towards their 40s before buying their first home. Time will tell over whether the younger generation will have to face more adversity before they can afford their own home.
Up Next:
