Millennials & Home-Owning

Housing prices are at an all time high in recent years, not only is it one of the biggest decisions of your life (Probably), but it’s also a costly one. Unless you have a spare £100,000+ lying around the house, you’re likely to need a mortgage. Home sales have been down in recent years, with more and more people opting to rent or even stay at home with their parents. Since 2008, home prices have risen by around £50,000, roughly £20,000 more than the average UK wage. The rate of home ownership in people aged 16-24 dropped from 11.8% back in 2008-09, to a number so small we couldn’t even try to estimate them in 2015-16. So why aren’t millennials buying homes and will they ever start again? Thanks to Top Mortgages dot ie, we can see how millennials have dropped out of the housing market and why.