The amount of young people buying their first home has fallen considerably over the last 10 years. But with more graduates looking for jobs this may change.
The decrease of 26% over the last decade of young home owners, but with graduate employment growing it’s likely more first time buyers will make the step onto the property ladder.
Marielle Treavis, a careers consultant at Nottingham Trent University believes that as more people get graduate jobs they will be able to save money and buy their first home. In order to get these jobs she thinks graduates need to stand out from the crowd.
“graduates need to make sure their CV is full of experience and placements because without this they won’t stand out when looking for a job in a competitive market.”
Large deposits of at least 5% of the property value leave young graduates struggling to buy their first home. Harry Hammett, a Broadcast Journalism student in Nottingham believes it’s impossible for him to buy a home when he graduates this month.
“I can’t afford to get myself a house because deposits are so high, and without being able to get a part time job because of my studies, I haven’t been able to save.”
Their are options for first time buyers but it could lead to large mortgages. For now the property ladder seems a distance dream.