0:00
our parents might have gotten the
0:01
housing ladder with relative ease but
0:03
buying your first house in the capital
0:04
has never been harder with costs going
0:06
up across the board for younger
0:08
Generations stamp duty is set to rise
0:10
for firsttime buyers on April the 1st if
0:13
you're buying in London this means you
0:14
need to find an extra
0:17
6,250 on average but this isn't the only
0:19
rising cost upfront costs like
0:22
conveyancing surveying and valuation
0:24
fees are also Rising above inflation
0:27
last year they were up 133% 6% and 45%
0:31
respectively tougher lending
0:33
requirements and higher mortgage rates
0:35
also mean that the average deposit for a
0:37
first home has risen threefold in the
0:39
last 25 years although house prices have
0:42
only Risen 2 and a half fold people are
0:44
increasingly having to rely on financial
0:46
gifts take out longer term mortgages or
0:48
avoid renting and live longer with their
0:50
parents if they want to afford a house
0:52
so what are we meant to do about this
0:54
unfortunately a lot of it is out of
0:56
firsttime buyers hands and dependent on
0:58
government policy and interest rates
1:00
luckily mortgage rates are set to fall
1:02
this year as the bank of England finally
1:04
starts to lower the base interest rate
1:06
the government has also introduced plans
1:08
to digitalize home buying aiming to make
1:10
the process smoother however the core
1:13
issue is simply that there aren't enough
1:14
affordable houses for young buyers
1:16
something a succession of governments
1:18
has failed to address the current
1:20
government has pledged to build a
1:21
million and a half homes by 2029 but a
1:25
lack of funding and the UK's skills Gap
1:27
May yet get in the way what do you think
1:29
should be done about the housing crisis
1:31
are you struggling to get on the housing
1:33
ladder yourself let us know in the
