Gumersalls Solicitors Epsom News

One third of millennials could still be renting when they enter retirement, new research has suggested, highlighting the difficulties that this generation have in getting on the property ladder.

The Resolution Foundation has looked at home ownership rates among the millennial generation and estimates that just 47 per cent of them will own a property by the time they reach 45 if current conditions continue.

According to the organisation, some of the remaining 53 per cent may inherit property from their parents, but even so, it is likely that a significant number will be renting as they come into retirement.

This is likely to have an impact on government spending on housing benefit, the organisation asserted, noting that it’s an area that is under-discussed when planning for future costs.

But for those who are currently renting, and want to get on the property ladder, what can they do to realise the ambition of home ownership?

Figures published recently by UK Finance indicate that first-time buyer numbers in the UK are increasing, with a 2.4 per cent rise in the number of mortgages issued to this group in February 2018, compared to a year earlier.

Director of mortgages at UK Finance Jackie Bennett commented: “Homebuyers have shaken off the winter blues, with house purchases by first-time buyers and home movers reaching their highest levels for February in over a decade.”

If you are a first-time buyer, make sure you work with conveyancing solicitors you trust to ensure every element of your purchase goes smoothly.