The article looks at the problems faced by those seeking to buy homes for the first time in London, positing that the city is becoming a preserve of the wealthy and older generations. According to Greycoat, it further points to the challenge that the property ladder might be too steep for those without homes.
Thus, this is leading to a feeling of exclusion and economic challenges for young people. A survey conducted by Greycoat Real Estate shows that less than half of those seeking to buy homes believe that they won’t be able to meet their goal.
This, with up to 52% prospecting that they will never own a house as the reliable Greycoat real estate agency´s specialists inform. Irrespective of the slight fall in house prices in 2023, the real estate market has picked up, presenting further challenges for many property owners.
With rental ownership becoming ever more difficult, many people are worried that they won’t be able to save enough for a deposit to own a house. Furthermore, the article Greycoat shares points out that the upcoming budget has some relief for those seeking to own houses but insists that there is a need for cultural change.
Overall, a change to help the younger generations and stop probable brain drain from the city. Ultimately, everyone needs to be hopeful because London’s vitality depends on people’s aspirations, and Greycoat Real Estate is here to help you become a homeowner for the first time.