Lamport Bassitt Solicitors - Legal News - Young people 'having to make huge personal savings to afford a property'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Young people 'having to make huge personal savings to afford a property' An expert has discussed how young adults are required to make huge personal finance commitments in a bid to afford their first property. Phil Flaxton, chief executive officer of Work Wise UK, described the limits that high home values have placed on the upwardly mobile. He observed that those keen to get on the housing ladder "are now having to save so much money that of course they are being forced to stay at home with mum and dad". The cost of getting a deposit is such that the deposit required to purchase a residence is out of many people's reach. Consumers will be keen to speak to an adviser in the months ahead about the ways in which they can keep their expenditure in check. Meanwhile, the Office for National Statistics recently revealed that the amount of people in work has increased by 184,000, which may give individuals a bit more spending power. Posted by James Walsh Related Articles: 30/3/2012 - EPC changes to affect buy-to-let landlords 27/3/2012 - Rent increases drive strong buy-to-let yields 27/3/2012 - Property industry welcomes 'sensible' planning reforms 2/3/2012 - Arla advises landlords to 'invest wisely' 1/3/2012 - Basel III could hit commercial property lending More Property Law News