People forced to live in shared accommodation, say National Homebuyers
Large numbers of young people are being forced to live in shared accommodation because they cannot get onto the property ladder.
[UKPRwire, Thu Sep 27 2007] New research shows that 61 per cent have been living in this type of arrangement longer than expected because of the escalating costs associated with purchasing a property.
The vast majority of those questioned (81 per cent) feel that they will remain in shared accommodation for between one and five years, while three per cent think it will be closer to ten years before they can afford to buy.
Most (65 per cent) blame their situation on things such as rising interest rates and stamp duty and this is bad news for anyone wishing to make a quick property sale.
Property expert Julian King says, "The simple sums applied to the fact that young people account for the vast majority of first time buyers, and first time buyers traditionally account for 45-50% of all property transactions equals bad news for the homeowner.
"The lack of buyers avialable for your property, means its value will gradually decrease as the few available buyers will be commanding the prices".
Julian King is a director of National Homebuyers, the UK's leading fast property purchase firm, guaranteeing a quick sale on any property in the UK for vendors who require a quick sale.
HotProperty carried out the survey and the firm's managing director described the findings as "unsurprising".
The research also revealed that unhygienic flatmates are the least desirable, taking 32 per cent of the vote, followed by inconsiderate people (27 per cent) and those who are dishonest (18 per cent).
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