I am 23, I rent my own home and own my own furniture. By today's standards that's pretty good going, as most people my age are living with their parents. However, 30 years ago, it was possible for a person my age to buy property. But I am part of 'Generation Rent', an entire generation of people who are struggling to save the money for a deposit, and may never get on the property ladder. Banks advertise services where you can invest parental savings, while common advice is to live with parents rent free. Some young people - those living in care, or who don't receive financial or emotional support from their parents, or whose parents simply can't afford to help, can't do these things and are left out by this system. When you add this to the fact that young people often can't be approved for credit without a guarantor, thousands of young people, who are legally adults, are unable to be independent. This is a sign of a broken system, and one that desperately needs to change for the future of our generation.
GE17: Generation Rent
Young people face astronomical costs for house deposits preventing us from being able to by property like our parents did, if at all. Paired with rocketing rent costs and other financial barriers, we are making young people too dependent on their parents - for those who are lucky enough to get that support.
I would love to own my home! But I physically cannot to pay thousands for a mortgage every month...it's massively unfair.