The latest TSB research has highlighted the challenge young people face today when trying to get onto the property ladder. This challenge creates more demand on the rental market, meaning that property managers and landlords should look to use web based property management software in order to capitalise on the demand.
Londoners are most concerned about home ownership, with 78% saying that the cost of buying is too high.
The cost of stamp duty rises with the cost of housing, adding a further spanner in the works for young people trying to buy their first home.
Compared to the older generation, of which 44% did not have to pay stamp duty, their children have not had such luck. 1 in 10, or 14%, of young people have to pay the fee.
Furthermore, 68% of parents think it’s harder to get on the property ladder now in comparison with when they were hunting for their first home.
Ian Ramsden, TSB’s Director of Mortgages, says: “It’s a cause for great concern that so many parents envisage their children’s home-owning hopes slipping away.
“As a result, parents are feeling the need to reach deep into their own pockets to help their offspring.”
With such pessimism surrounding home ownership, many young people are turning to the rental market. Property managers and landlords are under pressure to deliver, and need a tool that facilitates the running of their business. This is where Arthur can help. Arthur connects and coordinates all fields under the property umbrella, from landlords to tenants to contractors. Its intelligent and integrated system could help to restore your work-life balance.
If you are a property manager, property owner, landlord or letting agent, your business will save time and money by using Arthur. Try out the free Arthur Demo today to see how!