Luxembourg: Worse than Britain for Hardest Market for First-Time Property Buyers
A recent international survey “found that four in five Europeans say it is becoming increasingly difficult to buy a first home” (The ING International Survey of Homes and Mortgages). This is a staggering result after investigating 15,000 people across 15 different countries.
Nine out of ten people in the UK agreed, that is becoming more and more difficult for first time buyers to buy a house, and were overall negative about the property situation in the UK.
However, buyers in Luxembourg were even more negative about the prospects for first time buyers purchasing houses, with 94 percent of people agreeing that it is becoming increasingly hard for first time buyers.
Concern for the obstacles first time buyers’ face was also expressed significantly in Australia and the United States of America.
Tenants in the rental sector especially thought that their prospects own owning their own home was prevented by the sheer expense of houses on the market.
“The burgeoning economic recovery across the continent comes into play here. This will improve people’s lives in many ways but the ING International Survey shows something needs to be done if the next generation are the benefit from bricks and mortar”, argued Ian Bright, a senior economist at ING.
Aislinn Devlin, Pali Ltd
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