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UK Millennials Fight Back to Reclaim the Homeownership Dream

By
Real Estate Agent with Morrie Mages Property

Some people are talking badly about millennials. This generation of people are disrupting everything, from transportation to the way food is prepared, but the ills of this generation should also be pointed out. One trend that is threatening millennials is the UK's housing market.

Millennials are Getting the Short-End of the Stick

It seems that for millennials, homeownership may be nothing but a dream. A study shows that ownership amongst these individuals has basically collapsed, meaning most of these people may never be homeowners.

Older generations in the country may think millennials are simply not working hard enough, but there are things to consider.

Pay amongst young people in the UK has been reduced compared to older generations. This means the work older generations did might have helped them achieve their goals much faster, which is not the experience millennials seem to be having.

Another reason several millennials are having trouble buying a home is because the market is working against them, in a sense. Housing prices in the UK continue to rise. Older generations bought homes at affordable prices.

How Millennials are Fighting Back

It is easy to say that millennials are not using their money wisely, but that is not usually the case. It seems that more millennials are becoming smarter with their money by reducing debt and sometimes refusing credit cards.

Some of these individuals are actually practicing extreme savings to afford a large purchase later on in their lives.

Others are turning to other forms of homeownership that is a little more affordable, which is one reason the tiny house revolution came to fruition. There are some issues with this type of house; for one, it is not for everyone, and regulations regarding tiny houses keep changing. These changes make it hard for millennials to feel comfortable in tiny homes.

Some people within this generation are also changing the way they purchase a home using online tools; for example, some are starting to use mortgage calculator tools.

There was a time when a person who wanted to buy a home would just visit one of two banks before choosing a loan that benefits them. That step is changing with millennials. It is common for this generation to use a mortgage online calculator like the one shared by Mortgage Arrangers that compares the entire market, displaying multiple results to help them get the best deal possible.

Taking these additional steps helps this generation save more money, and it helps bring them a few steps closer to realizing their dream of owning a home.

The people who keep saying that millennials are not working hard enough may simply be uninformed about the things this generation is attempting to do when buying a home. In essence, some of them are becoming their own real estate agents or are simply giving up the dream of owning a regular home.

It should be pointed out that there are some millennials in the UK who are opting against ownership altogether because the prices are just too high. This group of individuals are helping to jumpstart another trend of people living a nomadic life in the UK. This nomadic life usually means that these individuals are not only without a home but also without a stable apartment and prefer to move from place to place.

There is no telling how the housing market will end up once it all settles, but it seems this generation is working hard to adjust.

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