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So how do we all get on that property ladder? That is the challenge so many young people face today. With more and more people now renting and the number of young adults living with their parents is increasing by a quarter since 1996, official figures show, with high house prices and growing youth unemployment has forced many to remain in the family home. A total of 3.3 million 20 to 34 year olds lived with their parents in 2013, according to the Office for National Statistics, the highest number since it started keeping records in 1996. What can we do? Help to Buy could be the answer.
The government scheme which means putting down a 5% deposit or having a government loan of 20% means it is now a great time to buy your new home. Whether you’re looking to take the first step on the property ladder or you are searching for something bigger to accommodate your growing family new is for everyone. Competitive mortgage rates and reductions in Stamp Duty in England and Wales also mean it’s easier to get the home you want for less.
With schemes like this, now more people are able to afford to buy and are making that big ‘scary’ move away from the comfort of cooking by mum and dad and of course the free washing, it is more and more likely for so many young people today to get on the property ladder. It is evident that the market is moving with people now taking the option to save and buy a property rather than putting the money in someone else’s hands. With this effect it’s a great time to work in the property market with a bright future ahead. You only have to take one look at the latest land registry statistics to see how many transactions are being completed daily and weekly.