It’s a favourite pastime of older generations to berate millennials for eating avocado toast rather than saving for a deposit for their first home. But you don’t have to be a maths whizz to figure out that we’re going to have to skip a lot more than brunch to get on the ladder these days. In London, prices have jumped by close to 800% since the 1980s – the time when many of our parents were buying their first home. (My mum and dad, working as a taxi driver and a milkman, bought a beautiful Edinburgh garden flat in 1980 for – wait for it – £7,000, including furniture. Too bad they sold it – it’s now worth nearly half a million.)
But don’t despair. While it’s much, much harder for us, if you are earning an alright-ish wage, it’s not impossible. Making a five-year plan means there is time to start getting to grips with your credit score with the help of CreditWise® from Capital One, start saving (if you haven’t already), research the best savings accounts and financial options for you and look into the best areas to buy in.
We're fully aware that buying a property is not an achievable goal for everyone (especially in London, let's be honest) and there are plenty of things you can still do to invest in your future without owning bricks and mortar. For those of you who are determined to buy, taking a few steps now means getting on the property ladder will be that little bit easier.
Read on to find out more about our five-year plan for getting on the property ladder.