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educogym Canary Wharf discuss housing crisis hitting millennials and how to get on the housing market

educogym Canary Wharf

Posted 21st September 2017.

Latest reports show that the young spend three times more than their grandparents did on housing. educogym Canary Wharf help plan how to get out of this housing crisis and onto the property ladder.

Latest reports, showing that the young spend three times the amount their grandparents did on housing haven’t exactly shocked the population, the housing market has soared and annual salaries haven’t, this in turn has left the younger generation struggling to get on the housing market at all. Canary Wharf personal trainer Godfrey Nurse explains “The older generation would have bought their homes on average in their 30’s, they would only spend roughly 7% of their annual income on housing, however the millennials are having to spend on average 23% of their income on housing, this is a huge increase and makes life a lot more difficult for the young to build a foundation of their lives”.

Not only is there a problem with housing prices, but life is also made harder for the younger generation, as to buy a house they can afford they have to look further away from cities and their jobs, meaning longer commutes and more money spent on the commute. “On average, this generation are spending 64 more hours a year commuting to work, all so they can afford a house, it is shocking. I myself am looking to get myself onto the property ladder in the next few years and it is daunting, as much as I would love to live in the city I know that looking further away is the most sensible option” said Orlstyne Wilson, personal trainer at Canary Wharf educogym.

“The most obvious solution is to start saving early. The problem is schools do not teach enough about mortgages and taxes, and running a business or hitting targets, and so this needs to be brought in, so that teenagers have a full understanding on how to save, spend and budget, rather than wasting their money in their early twenties on things that won’t progress them in life. Secondly, living at home longer also gives them the chance to save rather than waste money on rent” explained Godfrey Nurse Canary Wharf personal trainer.

The discussion about who is to blame for the housing crisis is debatable, but are the schools also to blame as Educogym Canary Wharf have said? “I honestly think Godfrey has a very valid point, growing up I had no idea about housing markets, taxes, mortgages, it was only when I had to actually find a place to live and physically do these things did I discover what I wish I had known for years” agreed Orlstyne Wilson, Educogym canary Wharf personal trainer.

educogym Canary Wharf is based in one of the most expensive locations in the UK. The E14 postcode is almost as expensive as the city of London, so the personal trainers at Educogym know how expensive housing can get. “All of the apartments and houses in the area are so expensive, and they are building so many more, the government really need to step in and create more affordable housing or this will never get better for the millennials” exclaimed Godfrey nurse, personal trainer E14.

Are you young and struggling to get onto the housing market? We would love to hear from you!

http://www.educogymcanarywharf.com/

Press Contact

Name: Emma Clarkson/Educogym Canary Wharf

Phone Number: 2075383948

Email Address: canarywharf@educogym.com