Gen Y scramble to own property as prices rise
12th Nov 2013
The baby boomers seem to have had the dream run, they had a very cheap education provided by the state, then they left university at a time when there was almost 100 percent employment and were able to enter the property market with ease. Compared to today, the relative price of a home in the 70s was far lower. Where a home used to be around four years salary it is now up to ten years.
Now days Gen Y, those people in their late 20s and early 30s, are struggling to get their feet on the property ladder. Conditions couldn't be more different than they were for their parents. Jobs are more scarce, many have huge student debts and the massive increases in the price of property make it a far harder prospect for Gen Y.
So what can Gen Y do to get their foot on the first rung? They need to act smart and plan to buy a cheaper place with the aim of flicking it on in a few years for a profit so that they can then get the place they want. This means that they need to buy a smaller property or in a cheaper neighbourhood so that they can get some extra capital behind them and get the house of their dreams in a few years.