Two in five Brits can’t afford to buy a house in their hometown, according to new research.
The findings from Good Move, which surveyed 2,000 UK adults, also revealed that 18-24 years olds are the least confident that they’ll ever be able to afford property in the area they grew up.
On average, Brits want to live 21 miles away from their parents, but this is least achievable for people born in Cardiff and Norwich.
Over half of people who grew up in Cardiff think that local houses are outside of their financial reach, while 43% reported being unable to afford a house in Norwich.
Those born in Sheffield and Bristol feel that they have the best chance of being able to buy a home in their city, with only 26% and 28% believing this isn’t possible.
A Change is Needed
The stark reality for many young adults is that affordable housing is stagnating, and the Conservative Party has been unable to achieve its target of building 300,000 new homes per year.
In August this year, housing secretary Robert Jenrick revealed that the government was considering a scheme to give first-time buyers a 20% discount if they purchase property in the area where they grew up. This, however, was not elaborated upon in the Conservatives’ pre-2019 General Election manifesto.
With nearly two in five (37%) respondents reporting being unlikely to ever be able to afford to buy a house in their hometown, the research indicates that such an initiative would be most welcomed.
Self and custom build offers young adults a more financially attractive route into moving into a new home. Self builders typically enjoy a profit of 25% on their investment, as reported in the Homebuilding & Renovating Self & Custom Build Market Report 2017, and homes can be self built to be more environmentally (and financially) sustainable in the long term.
(MORE: Self Build: The Complete Guide)
The 10 cities where people are most unlikely to be able to afford to buy property in their childhood area, via Good Move, are: