Home bid strug­gles

Loughborough Echo - - NEWS -

A NEW sur­vey has shown that more and more mil­len­ni­als have given up on the dream of be­com­ing a home­owner over the past year with 85% of those sur­veyed cit­ing the strug­gle to be able to save for a de­posit as the main rea­son.

The fig­ures also echo a re­port re­leased ear­lier this year which dis­cov­ered that home own­er­ship in Eng­land is now at a 30-year low.

Lough­bor­ough Build­ing So­ci­ety is re­act­ing to th­ese fig­ures by launch­ing its First Time Buyer Fam­ily De­posit mort­gage.

Aimed at first time buy­ers who are strug­gling to be able to save for a de­posit, the First Time Buyer Fam­ily De­posit mort­gage will mean that first time buy­ers can now ap­ply for a mort­gage even if they do not have a de­posit them­selves. All they will need is a lit­tle help from par­ents, grand­par­ents or a step­par­ent.

Last year it was re­ported that mil­len­ni­als in the UK will have forked out a crip­pling £53,000 in rent by the time they reach the age of 30 and that fig­ure is set to climb fur­ther this year.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.