A recent report by main stream media showed that 1 an 3 people will still be renting by the time they start collecting their pension. Another showed that the number of homeowners among young people has decreased drastically across the whole of the UK. It is not easier for renting tenants too, who are having to pay huge sums in order to cover landlord mortgages, as well as additional sums for landlord higher profits. This effectively leads to young people being unable to save sufficiently, to pay the initial deposit required for their future prospective mortgage.
So what is the solution? In some other countries in the west such as the Netherlands, mortgage is calculated base on earning and no deposit is required. So why is the deposit required in the UK and does this help young people climb up on the property ladder? I think not. There has been several instances where landlords own and rent multiple properties while, those renting never get the opportunity to own their own home. In places like London, where the housing prices have skyrocketed with only oligarch and millionaires being able to afford the houses, and those who work in the public sector such as NHS, Police and other public servants are not able to buy their own property.
In Britain we have a saying, “an English man’s house is his castle” perhaps some and by some I mean a lot are not meant to have a castle or home for that matter. Now with the retirement age increasing for both men and women, does this mean that after working decades citizens will still not be able to own their homes or it is time for a revolution in the housing market?