Prospective Gen Y homeowners – whose struggle to purchase property has been well documented – have been dealt another blow as interest rates rise and banks take a cautious approach to affordability checks. What can businesses do to help first-time buyers who are stuck in a housing limbo?
Marion Ellis has more than two decades of experience working in the private residential property valuation sector. She is the founder of LoveSurveying, a coaching service for surveyors.
Alex Mammon is the co-founder and director of mortgages and secure lending at Wealthwise Financial Services, a financial planning and wealth management firm.
Sarah Drumm is a freelance journalist covering small businesses, start-ups, and new consumer brands. She is a contributor to Canvas8 and published a report on the popularity of direct-to-consumer brand communities for Thingtesting.
The pandemic has complicated life goals for many, especially young people looking to get on the property ladder. At a time when many have had to put off or forgo aspirations and financial goals, parents with the means to do so are stepping up and helping their children financially.
Between 2019 and 2028, nearly 45 million Americans could potentially become first-time home-owners, but mortgage applications are still stuck in the past. A new wave of digital lenders is looking to disrupt the sector, with Better.com letting users get quotes and approval in minutes, not months.
Casa Blanca is an app aiming to bring the real estate market into the 21st century. Boasting more in common with Tinder than a traditional brokerage firm, it provides users with personalized feeds of potential homes and digital bookings, making a usually stressful process far more palatable.
Berlin-based start-up Justhome is helping young generations access the housing market with pre-approved mortgage options and a simplified buying process. The digitisation of conventionally archaic financial services is helping to meet the efficiency-related expectations of younger cohorts.