Millennials get a fairly harsh press for example with studies suggesting that they are set to be the most obese generation ever and accusations of frittering their disposable incomes away on avocado toast and frequent holidays. But the real issue is whether they'll ever be able to buy their own properties, something referred to in an episode of the satirical Mash Report.
Rachel Parris led a sketch on millennials (actually defined as those born between 1982 and 2004 according to Strauss and Howe), also known as Generation Y, and she said the following:
"So, millennials and post-millennials - you are all apparently entitled narcissists, even as you will be the first generation to earn less than your parents and you'll never be able to afford to buy a property. I don't know what the problem is. Don't they like hearing Mum and Dad having sex as they lie in their childhood bedroom thinking, "Christ, I'll be 40 soon"?"
The bitter truth is that the average age of first time buyers is increasing - it is now 33 - but what's even more stark is that this doesn't include those, millennials or otherwise, who'll either never manage home ownership despite trying or have given up all hope already. And the most recent version of the English Housing Survey, which came out with the previous statistic, also noted that 'over the last decade, the drop in the proportion of 25-34 and 35-44 year olds in owner occupation has been particularly pronounced'.
Mortgage providers have started to adjust to some extent, particularly because the age of retirement is set to steadily rise, meaning that longer repayment terms are possible. But for many millennials, the sums simply don't add up. But are there any other solutions?
How about joining Share a Mortgage, where you can find someone else who fits your wants and needs and look to buy a home with them, sharing all the costs, and most importantly, benefits?
You can first investigate the possibility of mortgage sharing with your family, friends and work buddies and, if nothing suits, you can find many other potential sharers using our platform.
