Tag: research

Research reveals home ownership has sailed for one in four young Brits

London – by Chiara Fiorillo

New research from Halifax explored the attitudes of young people you do not own a property, but would like to. Almost half of the respondents (48%) said nowadays it is harder than ever to get on the property ladder in the UK, with one in 10 prepared to leave the UK if this means being able to buy their own home.

The research also reveals that a quarter of 18-34-year-olds think the only way they will manage to buy a house is by inheriting the cash. Eight out of 10 think that a lack of affordable property is making home ownership “out of reach”, therefore one in 10 (14%) think they will rent forever.

Half of 18-34-year-olds do not think buying a house is a realistic option for their generation, with two thirds (65%) saying they cannot afford it as they do not earn enough.

Deposits are too expensive for 52% of young people. The average deposit is the highest in London and the lowest in Northern Ireland.

Martin Ellis, Halifax Housing Economist, said: “Even with the highest number of first-time buyers in the last decade in 2016, many young people still feel they are running financial gauntlet – saving for a deposit, finding an affordable property in the right area and managing to fund living in the meantime.”

One in five (22%) 25-34 year-olds is willing to move to a cheaper area in order to buy their own house and most people aged 18 to 24 would move to another country in order to do so.

Also, more than one in five (22%) say home ownership “is a thing of the past”. Even if some of them have managed to raise a deposit, a third (33%) think it is too difficult for them to meet mortgage criteria.

In the report, Halifax also published some tips for aspiring first-time buyers:

  1. Try out calculators and tools: you can work out how much you could borrow, how much deposit you would need and what monthly payments would be.
  2. What are your mortgage options? Speak to a mortgage adviser – it will give you a clearer idea of your options – some lenders will allow first-time buyers to borrow up to 95% of the property value, or you may have someone to guarantee the mortgage.
  3. Do your research on any schemes or incentives that could make buying a property in the area you want more affordable e.g. shared equity.
  4. Creating a money plan: working out how much you will need for monthly costs will help you understand kind of mortgage you can afford, factoring in bills and expenses.
  5. You should check your credit score a year before you plan to get a mortgage and keep track of it throughout the year to ensure you get the best star.

Curves over career: body image is more important than work for millennials

London – by Chiara Fiorillo

According to new research, one out of four millennials (26%) care more about their weight than their career; also, two thirds of British young people would accept a 20% pay-cut if this meant getting the perfect body.

The research also outlines that young women are seven times more likely to worry about their figure than their career and fourteen times more likely to worry about their body image than their personality.

Another worrying fact is that one in five millennials (17%) has received comments about their weight from a colleague.

The findings from the website MakeYourSwitch.co.uk brought to life a worrying trend in attitudes, according to which physical attributes are more important than work progression.

The research also points out that UK millennials would take a 20% pay cut if they could achieve a thigh gap, a flat stomach, a smaller waist or larger breasts.

Body image is the biggest insecurity across all age groups and both genders in the UK.

Emma Kenny, Psychologist and Director of MakeYourSwitch.co.uk, said: “It’s very concerning that young people are attributing more importance to achieving the ‘perfect body’ in the short term while important long-term life goals that contribute to wider wellbeing and satisfaction are being sacrificed and overlooked.”

She added: “The key to long-term happiness is not only accepting your skills and talents and striving for success but not putting pressure on yourself to achieve the damaging ideals portrayed by celebrities through social media. Clear focussed goals across health, fitness, wellbeing, nutrition and future career goals will help raise self-esteem and ultimately offer long-term rewards.”