House buyers in the UK face the toughest conditions in the last 70 years
It was stated that first-time home buyers in the UK are facing the most difficult conditions in the last 70 years due to high interest rates.
In the new report of the London-based cooperative association Building Societies Association (BSA), it was stated that the biggest challenge faced by first-time homeowners in the UK is economic conditions.
In the report, it was stated that in order to own a house, one must have an income above the average or need family help, and that it is very difficult for those who do not receive family support, are single or have low incomes, to own a house.
The report stated that first-time homebuyers are facing the most challenging conditions of the last 70 years due to the high deposit amount requested as well as high interest rates.
The report draws attention to the need for new regulations in the deteriorating real estate market and emphasizes that the home ownership rate of young people has been decreasing for the last 20 years.
In his evaluation of the report, Paul Broadhead, Head of BSA Mortgage and Housing Policy Unit, said, “First-time homeownership conditions are at the most expensive level in at least the last 70 years. A properly functioning housing market is necessary for first-time homeowners and radical changes are needed for the market.” “The current high price-income conditions in the housing market do not help those who want to own a home.” he said.