Property expert David Leake of Housesetc gives his top tips for millennials saving to buy their own home.
One in three of Britain’s millennial generation will never own their own home, with many forced to live and raise families in insecure privately rented accommodation throughout their lives, according to a report by the Resolution Foundation.
Revealing a perfect storm of an ageing population and a higher proportion of older people in insecure and costly rented accommodation illustrated how policymakers must tackle the housing crisis now or face footing a massive future housing benefit bill, the report said.
If millennials do want to get on the ladder, the four important steps they should follow are:
Save: The maximum you can each month towards a deposit.
Cut rent: Move back home (not my children though!) or share with friends.
What can you afford? Get advice from an Independent Mortgage Broker.
Get a guarantor: Consider buying with a friend if chances of buying on your own are slim.