Its ‘Public views on unaffordable housing’ report also showed that first-time buyers are incredibly frustrated with deposit requirements from lenders.
First-time buyers believe they are offered higher interest rates than older people because of their relatively low wages and poorer job security, The Affordable Housing Commission has found.
Its ‘Public views on unaffordable housing’ report also showed that first-time buyers are incredibly frustrated with deposit requirements from lenders.
The report read: “They are desperate to buy their first property and feel they are forced to make compromises on their quality of life in order to achieve their housing goals.
“Struggling renters are increasingly resigned to their children living with them into their 30s due to low wages and high housing costs.
“They have given up on improving their own housing situation and hope that with their support their children will eventually do better than they have and eventually get onto the property ladder.
“First-time buyers and struggling renters are far less financially resilient than homeowners, and as a result are less able to navigate difficult life events such as a relationship breakdown and or a significant change to their employment.”
There is a commonly shared view that the cost of living, including housing costs, has been rapidly increasing for the last decade whereas incomes have remained stagnant and employment often seems less secure.
The public said that affordable housing solutions for first-time buyers and struggling renters must be hyper-local, in close proximity to the family networks on whom they rely for support (especially informal childcare), good transport links to their jobs and access to good schools.
