A lack of affordable housing in the UK is leading Brits to think outside the box when it comes to owning their own place ÔÇô including considering emigration, buying a barge and even buying with strangers!
With the housing market seeming out of reach for an increasing number of people, new research shows the drastic measures Brits are prepared to take to get their foot on the property ladder. Options considered now include buying with work colleagues, buying a static caravan and co-owning with parents, rather than facing years of renting with no return at the end.
Latest official figures show that UK population growth has exceeded the number of new dwellings completed by more than double*. From mid-2012 to mid-2013 the population grew by 400,624, yet just 134,460 dwellings were completed in the same period. Research** conducted by comparison website Gocompare.com in response to these stats shows the lengths some of the UKÔÇÖs five million aspiring home owners will go to in order to get their name on a mortgage:
- Almost one in three – 30% – would apply to the governmentÔÇÖs Help to Buy scheme, which provides equity loans to first-time buyers and movers buying new-builds in England
- One in five – 20% – would consider emigrating
- 15% would buy with friends
- 14% would buy a microhome, a small house usually pre-manufactured and ready for self-assembly
- Almost as many ÔÇô 13.5% – ┬áwould buy a static caravan
- Buying with parents as joint applicants is an option for 12%
- Nearly one in 10 would buy a canal boat or barge
- One in 20 would buy with colleagues from work whilst three per cent would risk buying with a stranger!
Amongst would-be expats, English-speaking countries such as the USA, Australia and New Zealand come top of the destination list. Men are more likely than women to think about a move overseas and, perhaps unsurprisingly, young adults aged between 18 and 24 are more likely to consider emigration than any other age group.
Gocompare.comÔÇÖs mortgages expert Matt Sanders said: ÔÇ£A lack of affordable housing has resulted in a property market that is closed off to an increasing number of would-be homeowners. As such, itÔÇÖs hardly surprising that many people feel like they may have to take some rather drastic steps to own a home.
ÔÇ£If youÔÇÖre actively looking to buy a home, itÔÇÖs well worth seeking advice from a qualified, impartial mortgage broker, who can give you an idea of what you can afford and the options available to you.ÔÇØ