Buying property in London is too expensive for many, so look elsewhere
This figure is yet another reminder of how expensive the London property market is, and how difficult it is for people to step on to the property ladder. Given the entertainment and nightlife opportunities available in the English capital, most young adults would prefer not to be living at home with their parents. However, such is the high price associated with buying property; there is no other option for would-be buyers.
The study suggests 50% of respondents live with their parents as they believe it is the only way they can save money for the deposit. A further 36% of respondents said they would like to move out but feel they cannot afford to live by themselves.
Ishaan Malhi is the Chief Executive Officer of Trussle, who commented on the findings by saying; “The fact that so many young people can’t afford to move out of their parents’ homes in fear of not being able to get onto the property ladder is alarming. Too many of them are forced to put their lives on hold in a bid to get onto the property ladder. Getting a mortgage is often one of the biggest financial and emotional commitments a person will make in their lives and ensuring the industry is supporting young people as they take this step is crucial.”
Stockport is a viable option
Of course, not every area is expensive as London, and places like Stockport offer a more affordable opportunity to step on the property ladder. If you are keen to make your money go further, while providing you with a home in a terrific area, we are here to assist you.
With convenient transport links to the centre of Manchester, and significant developments taking place, Stockport is the ideal place to buy, live or invest. As Stockport property specialists, we want to ensure you stay in touch with the latest property news. If you are looking for assistance in this area, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk.
For a free valuation please visit: http://valuation.spencerharvey.co.uk