Despite an improving economy and increased employment, property entrepreneur and MD of Aspect – a property maintenance and refurbishment firm - Will Davies, says that young people remain isolated in the property market.
Property developers as well as the government are too focused on taking advantage of the rising cost of property sales, he says, when there should be more attention on encouraging the younger generation to buy homes.
Davies’ comments are timely as the most recent English Housing Survey found that 45% of 24-34 year olds currently lived in private rental accommodation in 2012-2013, an increase of 14% from 2008-2009.
According to Mr Davies, the government are doing little to reduce the numbers of those classed in ‘Generation Rent’ where too many of them are renting and not buying.
“The problem is that they can't get on the property ladder as low value housing is not being built and they can't afford higher value properties. Low wages is one major factor to this,” he says.
Adding: “The Help to Buy scheme has effectively failed due to lack of demand, and the government have no Plan B to solve this issue.”
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