Buying a house is throwing your money down the drain - Yahoo! UK & Ireland Finance

Buying a house is throwing your money down the drain - Yahoo! UK & Ireland Finance

The statistics surrounding home ownership are worrying. A new report by the Joseph Rowntree Foundation has reported that just one in four couples will be able to afford to buy a home in the future. It warns that Britain is turning into a "rotten borough", where an entire generation will be locked out of buying their own homes.

I am increasingly concerned that I might be in this group. In my late 20s, and with a reasonable salary, the huge deposit required and lack of first-time buyer mortgages available are just two of the barriers blocking any journey into home ownership.

The next generation of homeowners

According to the BBC, the average property price in the UK is a terrifying £233,000 — even with the current economic situation .

In fact, the average property is eight times the average salary, and mortgage lending has fallen to its lowest level in nine years. Many first-time buyers are struggling to get onto the property ladder without financial assistance.

This financial assistance, also known as "the bank of mum and dad", could also mean that home ownership will increasingly become a privilege for the children of the better off.

With high property prices, the removal of the cap on university fees and a desperate employment market, it is hard to see how the next generation is ever going to conjure up a deposit.

Actually, never mind the next generation, how am I ever going to conjure up a deposit?

Buying a house is throwing your money down the drain

The statistics surrounding home ownership are worrying. A new report by the Joseph Rowntree Foundation has reported that just one in four couples will be able to afford to buy a home in the future. It warns that Britain is turning into a "rotten borough", where an entire generation will be locked out of buying their own homes.

I am increasingly concerned that I might be in this group. In my late 20s, and with a reasonable salary, the huge deposit required and lack of first-time buyer mortgages available are just two of the barriers blocking any journey into home ownership.

The next generation of homeowners

According to the BBC, the average property price in the UK is a terrifying £233,000 — even with the current economic situation .

In fact, the average property is eight times the average salary, and mortgage lending has fallen to its lowest level in nine years. Many first-time buyers are struggling to get onto the property ladder without financial assistance.

This financial assistance, also known as "the bank of mum and dad", could also mean that home ownership will increasingly become a privilege for the children of the better off.

With high property prices, the removal of the cap on university fees and a desperate employment market, it is hard to see how the next generation is ever going to conjure up a deposit.

Actually, never mind the next generation, how am I ever going to conjure up a deposit?


Your home is your castle … Or is it?

I'm sure that it is engrained in us at an early age that "an Englishman's home is his castle".

We've all been led to believe ........