Becoming a home owner is a huge life step, whether you’re renting or buying, it’s likely still one of the biggest decisions of your life. Buying a home is an especially big step, but in recent years home sales have been down compared to previous years and we thought it would make sense to find out why!
Since 2008, the average house price in the UK has risen by £54,285, this is roughly £20,000 above the average UK wage. As well as the average home price having risen, the rate of home-ownership has dropped by 9.8%, meaning the current millennial generation are buying less and less houses. Between 2008-09, 11.8% of people aged 16-24 owned their own home, while in 2015-16 these figure were so low that we couldn’t even try to estimate them. One stat that did surprise us is that more people aged 45-64 are now buying homes when compared with 2008-09 figures.
So why aren’t millennials buying homes and will they eventually start?