UK Finance Mortgages Trends Data for 2019

Let’s face it – getting a mortgage is now harder than ever. With the requirements for at least a 10% deposit, no rental charges, debt or breaks in your employment often looked at factors during your application, it is small wonder that many of our young adults think they will never be able to own property in their lifetime. 

With headlines such as Short Term Loans Bad Credit UK hitting the news screens, it’s easy to fall into the belief that a mortgage is simply an unattainable dream. After all, with the economy where it is at present, it’s hard enough to make ends meet without having to worry about find thousands of pounds to put down as a deposit. 

But what can we do to break from council and rented housing to that sort after status of home ownership? Well by looking at the current trends in the market and being spending savvy, the ideal of owning one’s own home might not be such as distant dream as previously thought. 

Current Trends

The housing market is known for its trends, which come and go on an almost regular basis. You might have heard your grandfather comment on the bad house prices or the market crash and that’s because these events come around with regularity. Whilst there are always houses on the market, waiting for the right time to buy can be key to ensuring an affordable mortgage. 

The current trend in Britain for house prices is that they are going up, there is no denying it. However, the government is also trying to retaliate this fluctuation in the market where it concerns younger adults, who will not have had the same financial advantages as their parents and grandparents. 

Statistically more and more young adults under the age of 35 are living from paycheck to paycheck, with the average cost of living exceeding their minimum wage standards resulting in more borrowing, private rent, and reliance on benefits. None of which bod well for the housing economy. 

Thus with increased debt, lower wages and living expenses on the rise, it looks as though the housing market might face another crash in future years. But what about now? Well, the government and banks have teamed up with new first-time buyer ISA schemes to encourage future homeowners to save as much as £200 a month towards a brighter future. With this scheme, the government is offering to pay a certain amount towards a new home based on the monies saved. So it’s worth looking into.