Home ownership isn't as far away as you might think.
"The sheer scale of additional property wealth is an important driver of rising wealth gaps across Britain," says George Bangham, policy analyst at the Resolution Foundation. Is this a sign of the wealth gap divide in the United Kingdom at the moment?
Resolution Foundation think tank confirm the number of British People who own a second home, buy to let or overseas property has doubled since 2001 and this includes Millennials who already own their first home even though the number of first time Buyer Millennials continues to fall.
The current findings show that there is a need for reform within the housing market in particular the Buy-to-Let to give First Time Buyers the opportunity to access the property ladder.
The Resolution Foundation wants to see policymakers step in to reform the housing market, in particular buy-to-let, in order to rebalance the housing market back towards first-time buyers. Then again should we be penalising those who can buy a second property?
While young people in particular are less likely to own their own home than previous generations, those that do own are more likely to have more than one property. However, last year recorded the highest number of first-time buyers in more than a decade.
There are various government initiatives out there to help First Time Buyers live the dream of owning their first home such as Help to Buy and Shared Ownership. So to all First Time Buyers out there – don't give up hope and be sure to explore your options before making a decision!
Once you're ready, our conveyancing team would be delighted to assist in purchasing your first home. If you would like a free, no obligation quote, you might like to try our quote tool. It's instant, and easy to use.