Are we putting our lives on hold?
According to the Mortgage Choice First Time Property Investors Survey, Gen Y property buyers are more likely to go into debt to buy an investment property rather than buy a house to live in.
They also found that we Gen Y’s are:
- increasingly driven to save for their first purchase,
- making lifestyle sacrifices to save money for property,
- most likely to cut back on alcohol-related spending,
- change jobs for higher income,
- take on an additional job
- delay having children in order to save for a deposit.
In other words, we have to work very very hard and put off parenthood just to get a house because prices are so high and unaffordable and even then we’re not living in them.