66 By Sharron A Higgins, Mortgage Advior & Senior Financial Adminitrator at SW Law
Homeownership - Milestone or Millstone? Money Matters
W
hilst everyone’s journey into adulthood is different the timing and occurrence of some of life’s most important moments were once
ybody makes plans - b, new house, holidays…
steadfast. “Remember to celebrate milestones as you prepare for the road ahead.” Nelson Mandela One leaves school or university and after a brief
bout planning your financial future? can be complex and daunting.
Looking to invest a lump sum? eed an income from your investments? Is your pension on track?
Worried about inheritance tax? Want to reduce your tax burden?
We can help
period of working one would move out of the beloved crummy rental flat or room in our parents’ home to branch out and purchase our very own corner of the world, alone or with a partner and well, life pretty much started from there … or it did. Britain’s increasingly unaffordable housing market has delayed the age when most adults become homeowners by at least eight years since 1997 according to official figures. Homeownership now isn’t achievable until the age of 34 for more than half of the population compared to age 26 in 1997. That’s a long time whiling away the hours in a parent’s spare room, or renting which of course brings with it its own associated costs. In two decades average house prices in Britain
following years of reckless lending meant that lenders tightened criteria and no longer had an appetite as they had once done. Mortgage borrowers were provided with yet another hurdle to jump. In the past two decades renting has become
Homeownership
now isn’t achievable until the age of 34 for more than half of the population
compared to age 26 in 1997
more common across all age groups bar the very oldest. The biggest change has been for those aged 24-34 in 2018 with 55% of people renting. This is an increase of 20% in 1998. This is purely because homeownership is so very hard to achieve. The office of National Statistics said
Everybody makes plans new job, new house, holida
But what about planning your financial fu This can be complex and daunting.
“over the past 20 years the UK has seen many societal, economic and demographic changes which have contributed to the changing milestones into adulthood”. These milestones seem to be moving ever farther away as house prices increase infinitely.
The decision to buy a home therefore seems to
no cost, no obligation consultation US NOW! 01752 205205
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have skyrocketed by more than 270% with significant acceleration in house prices after the financial crisis. Meaning that purchasing your own home has been pushed further out of reach for most. Stricter lending guidelines brought about
East Way • Lee Mill • Ivybridge • Devon • PL21 9GD ment & Financial Planning Ltd
mortgage lenders capping the amount an individual can borrow as a multiple of their earnings. Moreover, the financial crash and the failing of several banks
be more heavily weighted because the struggle to reach that milestone is so arduous. From ‘help to buy’, ‘forces help to buy’, ‘lend a hand’ mortgages and the ‘first time buyer mortgage at any age’, SWlaw Mortgage and Protection insists on qualified sound advice to make the right decision even if it means waiting and saving. “A good decision is based on knowledge and not numbers”. Plato.
We can help
Friendly, no cost, no obligation consultat CALL US NOW! 01752 205205
Kingsley Close • East Way • Lee Mill • Ivybridge • Devon • P SWLaw Investment & Financial Planning Ltd
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Registered in England. Company Number 03462625 Authorised and regulated by the Financial Conduct Authority. Firm No 222033
Financial Advert
130x95.indd 1 SWLaw Investment & Financial Planning
• 01752 205205 •
www.swlaw.co.uk
25/05/2017 16:50 Looking to invest a lump sum?
Do you need an income from your investments Is your pension on track?
Worried about inheritance tax? Want to reduce your tax burden?
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