Home › News › Quick House Sale – Young Workers Priced out of Property Market
The Times newspaper recently reported that the high cost of mortgages and house prices have pushed half of young workers out of the property market. It’s a sad and sorry state of affairs, but many young families simply can’t afford to get on the property ladder and for many of those who have, they’ve discovered they simply can’t afford to sustain their mortgage repayments. As a result more young workers are forced into a quick house sale to pay off their debts.
Quick House Sale – Debilitating Debt
Debt for younger professionals is a bigger reality then ever. The fact that many young people are massively in debt before they even start their first job goes some way in explaining the problem. University fees mean they start their lives in the red and are forced into bad credit mortgages juggling debts. But over borrowing means even the financially astute have been forced into a quick house sale as debt escalates and the threat of repossession looms.
Quick House Sale – Affordability out of Reach
Although the property hotspots are already well known for being out of reach for many young families – especially London and the South West – the traditionally cheaper locations such as the North, Midlands and Yorkshire are leaving over-mortgaged young workers with little choice but to opt for a quick house sale to salvage their finances. Although these areas were once considered accessible, new buyers are now being priced out.
Debt Topples Homeowners into a Quick House Sale
The fact that if you're a young buyer in the wealthy hotspots in London you need to borrow 9.2 times your income explains why so many end up opting for a quick house sale – they simply can't afford to sustain the debt. It's a Catch-22 for many homeowners, they over borrow to get on the property ladder but find themselves falling deeper into debt just months into home ownership. A quick house sale through a specialist property company offers many homeowners in such a quandary the lifeline they desperately need. Many young wannabe homeowners are simply too well off to be eligible for housing benefits, but because of the inflated property prices, earn too little to afford a home.
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