Why it’s difficult for millennials to buy a house

A Bournemouth estate agent says millennials aren’t earning enough to get on the property ladder.

A recent report by UK think tank Resolution Foundation found a third of people born between 1980 and 1996, would be renting for life.

Douglas Gates said: “The projected wages of younger people makes it difficult to save to buy a house.

“There’s a lot of associated cost with buying a house, it’s not just getting a deposit and mortgage”.

However, it could become easier for some young people to buy properties.

Zoopla announced today, “nearly a third of homes for sale across Britain have had their original asking price reduced”.

They found the average discount on properties is almost £25,000.

Unfortunately, Bournemouth is bucking the national trend, placing 8th in the top 10 areas with the smallest price cuts.

24-year-old James Hollin has just bought his first house.

It took him six years to save up with his girlfriend, with the added luxury of being able to save money by living at home.

He says young people should be taught about the help that is available for them and the difficulties of saving so they can start doing something about it now.

James gave us his top tips for buying your first house:



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