The generation who can’t afford to buy…

So the government have imposed a 5% first time buyer deposit scheme upon our banks and building socities in a hope to get people on that initial run of the houseing ladder. What they then don’t control is 6%+ interest rates attached to such idea, consequently making monthly mortgage payments, even on a £110,000 mortgage over £700 per month. Then we have all those shared ownership deals floating about on box-shaped new builds crammed into what was once an open piece of countryside, a nightmare to shift when you’re ready to up and leave and what with monthly rent on top of whatever your shovelling out to the bank every 30 odd days, are we really saving money?
BBC reported in November that the average age to purchase your first  home is nearing 43, to summerize half of your life has passed you by whilst you’ve been living under someone else’s roof! We move out at early ages to escape the idea of childhood, be it to university or rented property- during quarter 2 of this year we saw tennant demand increase by 15% … Meanwhile our monthly salaries are leaving our accounts quicker than they come in in an attempt to survive independant living. We are no longer a generation of saver’s, in fact it appears we’ve become the generation that can’t afford to buy! 
Yet who’s to blame? The govenment for allowing the situation to get so out of control before any action was even considered? The banks for their money grabbing interest rates? Uk’s standardised pay? Or the fact we seem incapable of living within our means? There are several factors from modern day society which have affected our ability to take that step into real life and responsibilty, in all honesty despite the different scemes the govenment can push to aid our financial situations- speaking from a personal account there is no way on my salary I’d be able to own my own property any time soon, regardless of my spending habbits!

So as any chance of a mortgage passes me by without a second glace for the forseeable future, can someone please buy me this? I will be forever grateful!.. K, Thanks 🙂
Advertisements