It’s more difficult than ever for young people in the UK to get on the property ladder, with recent stats showing that 40 percent of 25-34-year-olds couldn’t afford to buy one of the cheapest properties in their local area, even with a 10 percent deposit. The average UK house price currently stands at £232,797, meaning young adults have to raise well over £20,000 for a deposit – a difficult task for most people, not just millennials.
Some have argued that millennials’ lavish spending habits are to blame for their inability to raise that kind of money. Last year, Australian property mogul Tim Gurner made headlines for suggesting that young people should give up avocado toast to stand any chance of affording a home. When you take into consideration millennials’ love of Netflix, Spotify and other subscription services – not to mention smartphones and Fortnite – you may be tempted to agree with Gurner and others who hold similar opinions. However, recent research from Just Mortgage Brokers offers some timely perspective.
The company’s handy infographic shows that millennials would have to give up Netflix, avocados and protein shakes for longer than they’ve been alive in order to save for a deposit. This implies that other external factors, such as rising property prices, higher rental costs and stagnating wages, are to blame for their house-buying troubles.
Ian Garstang is an award-winning blogger having written for numerous online publications. Ian has a passion for technology and when he is not reviewing video games, test driving the latest gadgets or sharing his parenting stories, he works tirelessly crafting digital marketing strategies for companies big and small.