Millennials struggling to buy home - is it getting easier?

Millennials are struggling to buy a home, but is it getting easier?

The path previous generations followed may seem a distant dream to many now.

But is it getting a bit easier - at least when it comes to getting on the housing ladder?

Today's prospective first-time buyers may well feel hard done by; they are still worse off than recent generations.

The cost of raw materials like timber, steel, plasterboard, concrete and insulation has risen in line with general inflation from the 1990s until the Covid-19 pandemic, compounded by the impact of the war in Ukraine and Iran.

Even before the pandemic, more than one in five construction firms struggled with a lack of skilled staff, exacerbated by Brexit.

The rising cost of building has put some housebuilders off, coupled with uncertain demand and planning regulations that add costs.

However, analysts say those costs could rise by another 15% in the next five years, making it easier to save - and some lenders will take a smaller deposit.

Some moves are being made to incentivise builders to commit with more confidence to building. The government has introduced plans to streamline planning processes that can be chaotic and slow.

The results will take years to come through, but the trend may be turning a corner.

Millennials are struggling to buy a home, but is it getting easier? The path previous generations followed may seem a distant dream to many now. However, data suggests that things may be turning a corner.

The cost of raw materials like timber, steel, plasterboard, concrete and insulation has risen in line with general inflation from the 1990s until the Covid-19 pandemic, compounded by the impact of the war in Ukraine and Iran. Even before the pandemic, more than one in five construction firms struggled with a lack of skilled staff, exacerbated by Brexit.

The rising cost of building has put some housebuilders off, coupled with uncertain demand and planning regulations that add costs. However, analysts say those costs could rise by another 15% in the next five years, making it easier to save - and some lenders will take a smaller deposit.

Some moves are being made to incentivise builders to commit with more confidence to building. The government has introduced plans to streamline planning processes that can be chaotic and slow. The results will take years to come through, but the trend may be turning a corner.

Existing article:

• Millennials struggling to buy home - is it getting easier?

Millennials are struggling to buy a home, but is it getting easier? The path previous generations followed may seem a distant dream to many now. However, data suggests that things may be turning a corner.

The cost of raw materials like timber, steel, plasterboard, concrete and insulation has risen in line with general inflation from the 1990s until the Covid-19 pandemic, compounded by the impact of the war in Ukraine and Iran.

Even before the pandemic, more than one in five construction firms struggled with a lack of skilled staff, exacerbated by Brexit. The rising cost of building has put some housebuilders off, coupled with uncertain demand and planning regulations that add costs.

However, analysts say those costs could rise by another 15% in the next five years, making it easier to save - and some lenders will take a smaller deposit. Some moves are being made to incentivise builders to commit with more confidence to building.

The government has introduced plans to streamline planning processes that can be chaotic and slow. The results will take years to come through, but the trend may be turning a corner.

Existing article: Millennials struggling to buy home - is it getting easier?

Millennials are struggling to buy a home, but is it getting easier? The path previous generations followed may seem a distant dream to many now. However, data suggests that things may be turning a corner.

The cost of raw materials like timber, steel, plasterboard, concrete and insulation has risen in line with general inflation from the 1990s until the Covid-19 pandemic, compounded by the impact of the war in Ukraine and Iran.

Even before the pandemic, more than one in five construction firms struggled with a lack of skilled staff, exacerbated by Brexit. The rising cost of building has put some housebuilders off, coupled with uncertain demand and planning regulations that add costs.

However, analysts say those costs could rise by another 15% in the next five years, making it easier to save - and some lenders will take a smaller deposit. Some moves are being made to incentivise builders to commit with more confidence to building.

The government has introduced plans to streamline planning processes that can be chaotic and slow. The results will take years to come through, but the trend may be turning a corner.

Existing article: Millennials struggling to buy home - is it getting easier?