Home ownership is nothing but a ‘pipe dream’ for thousands of West Midlanders in their 20s and early 30s, says a regional housing expert.
Linda Huntington, sales manager for West Midland-based Linden Homes, says the current generation of ‘buy-it-now spenders’ has killed the dream of home ownership for many young people.
And she questioned whether European attitudes towards UK home ownership were becoming the norm among many people, with a shift towards renting rather than a long-term mortgage.
“For many young people, owning a property in their 20s and early 30s is nothing more than a pipe dream.
"Sadly, the harsh reality today is that for those who aspire to own a place of their own, they simply cannot afford to do so without significantly compromising on their lifestyle and personal expenditure.
“But this is where the issue begins. Once upon a time, our parents and grandparents were stoic savers, who, if they hadn’t enough money to buy the basics, would go without, end of.
“Over time, we have become a generation and a nation of buy-it-now spenders, who haven’t the time, or in fact the patience, to save and are happy to buy all the little luxuries that life can bring on credit. If we want something, we buy it… why wait?
“The waiting game, however, does pay dividends in the long run in the form of property ownership, but are today’s 20 and 30-somethings able to see beyond all the bells and whistles of rented accommodation and, instead, plump for a more long-term home?
“There is definitely a shift in attitude towards owning property; those who want to follow in the footsteps of our European neighbours and rent their way to an independent life straight away, versus those who are happy to sit it out and save under the roof of the very comfortable, if not a little stifling at times family home."