It’s no secret that millennials have been hit hard by the housing crisis. While many of our parents were scaling the property ladder by their mid-20s, young people today are struggling against the meteoric rental prices and stagnating real-wage growth that halt our hopes of homeownership in their tracks. With the average London tenant spending a staggering 49% of their income on rent, and headlines bemoaning the desperate state of the housing market at every turn, a white picket fence property – or at the very least, a one-bed flat with decent lighting and tolerable transport links – seems a distant dream.
If you’re longing to own a home but your finances are more small-room-in-a-houseshare than a place to call your own, don’t be dissuaded. As far away as a first mortgage payment may seem, there are plenty of ways you can lay the groundwork for a future purchase – starting now.