Even before the pandemic, the UK was not one of the world’s cheapest countries to live in. As the cost of living has risen, fewer people than ever own a home. The ‘millennial’ generation is three times more likely to rent rather than own their home than they were 20 years ago, and the average time it takes a first-time buyer to save for their first house deposit is now ten years. Furthermore, the average house price for a first-time buyer increased 7.9% in 2020 alone. Whilst the British government are in the process of implementing measures, such as 95% mortgages to encourage property purchases by first-time buyers, the results of such schemes are yet to be seen and cannot be predicted accurately in such tumultuous times.
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