Increasingly hostile market conditions are forcing droves of FTB’s to settle for less when it comes to buying a new home.
According to recent research, literally thousands of first time buyers are wavering such features as gardens, no of rooms and garages in order to get a foot on the first rung of the property ladder. The research further suggested that almost 30% of FTB’s accept that they will be unable to afford their ideal home and will have no other option than to forfeit their ideals, which represents a shift in trend by almost 20%, in the last 2 decades.
However, experts have suggested that although market conditions are likely to be the primary reason for the change in attitude towards home buying, lifestyles are also thought to be a major dictator. Today’s younger generations are far more interested in living their lives to the full, rather that investing their finances for the future. The housing market is one obvious example of this trend, although the dramatic rise in personal debt over the last 5 years is also believed to have roots in this theory.
In other news, one of the UK’s most respected financial advisory firms have recently warned younger people to give serious thought towards opening a pension. It has recently been discovered that less than 15% of 18-25 year olds consider the opening of a private pension to be a financial priority.
