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With the job market for young people being more competitive than ever, some young people are preferring the instant gratification and experience offered by a trip to a far-flung place such as America, Asia or Australia, rather than saving up to buy a property for sale Cumbria.
The company who carried out the survey theorises that this decision may be down to young people feeling like the cost of buying a house is very expensive and saving bits and pieces feels pointless in the long run. Whilst it may feel like barely scratching the service on saving for a deposit, a couple of grand could get you an exciting holiday abroad somewhere. It seems that millennials may be choosing to spend their money on experiences rather than investments like buying a property for sale Carlisle from their local estate agent Cumbria.
Whilst to some, this may seem like the younger generation being more frivolous with their money, the surveying company added that millennials are just choosing to spend their earnings differently on more affordable things, than following the traditional route of homeownership like previous generations.
Property for sale Cumbria in England has undergone an annual price increase of 5.4%, with prices rising by 1% from June 2017. This has caused the average age of the first-time buyer to increase to 32 from 31 a decade ago, and the number of homes occupied by first time buyers has dropped to 654,000 from 675,000 a decade ago and 922,000 two decades ago!
It was also reported that 82% of the young adults who were interviewed said it was unfair that their parents had a much easier time buying their home than the current generation. However, estate agents are often very understanding of this issue and have accrued a lot of knowledge to be able to better advise young people how to invest properly and find an affordable home to get them on the property ladder.
Whilst prices of homes have been on the rise, property for sale Carlisle has been falling, as have confirmed sales across the country. Another factor in this decline of the younger generation stepping onto the property ladder and finding a property for sale Cumbria that they like can also be attributed to guilt felt for borrowing from the Bank of Mum and Dad, a survey from a popular building society revealed. 66% of 18-40-year-olds who expected that they would need to borrow money from their parents also felt guilty about it.
It may be difficult for millennials to view themselves as buying and moving into their own house, but when they find a property for sale Carlisle that they love, they need to know that they have an estate agent Cumbria that they can really trust to advise them in the best way possible for their future. For those looking for a home in the North West of England, Tiffen & Co are one of the leading independent estate agents in the region. Having been established for over a century, they are incredibly knowledgeable about the local area and are highly professional and helpful.
