Due to a high standard of living cost and high-priced homes, young people think home ownership is out of reach, as real estate expert Nick Millican explains. London home prices have increased, and mortgage rates are also going up. Young people are losing hope of ever buying and owning their own home.
This situation could severely impact London’s economy and vibrant lifestyle. Is London only for the wealthy elite? Nick Millican knows the answer. The city’s energy came from ambitious young people who moved to London hoping to achieve their dream of a successful career and eventual home ownership. But what if this dream is out of reach? Will young people still move to London? And would current young residents move away?
If young people see establishing themselves in London as an impossible task, it’s very likely that they would choose to move to another city. Seven out of ten people surveyed desire to be a homeowner, but more than half of them expect to never achieve that goal. Though house prices fell in 2023, there are signs that prices are rising, Nick Millican adds.
This is welcome news for sellers but not great for new prospective home buyers, asset management expert Nick Millican recalls. Saving for a large deposit already seems like an impossible task for most young people. The rising home prices now make owning a home impossible, but will London survive without young people?
Nick Millican commented that rising home prices may force young people to move to more affordable cities. Overall, cities where there is hope of eventual home ownership. However, how much of a brain drain will London suffer before something is done to support younger generations?