Young people less optimistic about joining housing ladder
The latest Generation Report from Halifax shows that the number of first time buyers in 2014 was at its highest level for seven years. Further analysis of the report however shows a disconnect between the reality for such buyers and their perception of the housing market. High profile government schemes such as Help to Buy, along with improving economic conditions, resulted in 311,500 first-time buyers in 2014, up from a low of 192,300 in 2008. Despite this, the number of people saving to buy a home dropped in the last year with the perception among young people that mortgages are not available to them or the goal of purchasing a property is out of reach.
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