According to a recent poll by Barclays 44% of people think they will be renting FOREVER. 30% think they will be renting LONG TERM, and 26% think they will be renting SHORT TERM. I'm not quite sure what long term and short term means in this poll, but I am sure what forever means!
It seems that we are not the home-owning country that Maggie Thatcher opened the way for. Although many people aspire to own their own home, it seems to be a dream that remains a long way in the distance for most. So many young people are priced out of the market by the need for large deposits and secure incomes to qualify for a mortgage, it is no wonder that it remains a life goal that one day they might achieve. And for those who replied to the Barclays poll, one that they think they will never achieve.
However we have also become a nation of 'spend now, pay later' junkies. Consumer credit is still cheap and plentiful and so in the absence of owning your own plot, perhaps you satiate the desire for roots by spending cash til it's going out of fashion.
Unfortunately that is not going to help to save for a deposit on a property! There are places in the UK where you can buy small and suitable 'starter' properties at not much cost. Ok so they're not perhaps the most desirable locations, and yes the interior may need moving into the 21st century, but that's why they're cheap. Yes you may have to compromise - but that is part of the growth process of learning about property. Knowing what is something worth compromising on to get a better deal later.
It takes discipline, determination and time to do it, but it is possible to save for a deposit and to start at the very lowest rung of the property ladder. And from there, who knows where it will lead?
If you write a plan, stick to it and rigorously work to make it happen, you can turn your forever into long-term, and your long-term into short term, and your short-term into NOW!
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