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Industry News January 24, 2018

Call for Home Buying Education

The managing director of Halifax bank is calling for young people to be given more assistance in understanding the finances and processes behind buying a home, according to a report from Estate Agent Today. Here we share the report, which makes interesting reading.

“There's clearly a job for all of us to help kids get a better idea of what's involved with taking the first step on the property ladder” says Russell Galley, managing director of Halifax.

His comments come after the findings of a survey of children and young people suggest that one in five 11 to 14-year-olds think mortgages are unlimited, over a quarter of 18 to 21-year-olds expect to own a home by the age of 25, and some 10 per cent of 18 to 21-year-olds think stamp duty is money to pay for stamps.

On top of that, a fifth of 11 to 21-year-olds in London think the average house price there is between £50,000 and £200,000.

Almost one in four 15 to 17-year-olds believe that only rich people own their own homes, while 23 of young men aged 18 to 21 reckon a deposit of between £5,000 and £10,000 is enough to buy a home - in reality, the average is £32,321.

“Despite being one of the most important financial decisions we're ever likely to make, becoming a homeowner feels like a mystery for Generation Z who will soon be thinking about flying the nest” says Galley.

Source: Estate Agent Today

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