Many young adults in the UK face huge challenges accessing affordable housing – something they say is affecting their job prospects.among younger people has been declining over the past 20 years as a result of high property prices, rising faster than many people’s incomes, as well as higher mortgage rates.
Shakila Karim is looking to buy in a commuter town either in Hertfordshire or in Cambridgeshire but has been forced to put her plans on hold because she can’t afford to buy at the moment. “If I could afford to live in the city, I would be able to get a better job and I’d find it easier to save up for a deposit for a house, and I’d be able to afford the monthly mortgage repayments.”
“As a recent graduate, I’ve found the economic climate extremely challenging. With stagnant wage growth, rising house prices, and higherHe is finding it difficult to find anywhere that he can afford and although he is desperate to move out of his childhood home in Doncaster, South Yorkshire, he doesn’t want to compromise his financial future.
Alex Bodie, director of corporate and community housing at financial services firm Together, said: “It is concerning to hear that so many young people feel that the door to achieving employment ambitions is closed and that a significant barrier to achieving this is tied to access to affordable housing.