Young adults in the UK are often referred to in the newspapers as being ‘Generation Rent’ due to the difficulties they face in trying to get onto the property ladder. A report by the Institute for Public Policy (IPPR) has shown problems with affordability have indeed created a generation of renters.
Now Rick Otton, a property investment specialist, is to hold a real estate conference for the UK. It will be focused on strategies for home ownership that don’t involve the banks. Mr Otton is quoted as saying “I was a little shocked to see that the current crop of young families in the UK have actually acquired the label of ‘Generation Rent’ by the IPPR. Though most economists have acknowledged that rising rental rates in the UK have been part of a challenging economic environment, the social implications are not so readily acknowledged.”
Dalia Ben-Galim, associate director at IPPR commented on the report saying “Our analysis shows that the lack of houses is dragging young people down. A huge majority of today’s younger generation want to own their home, just as most of their parents have done. But the prospect is slipping even further over the horizon. Insecure renting stops them from putting down roots, but it is bad for society too.”
Although the report is focused on the 18-30 age group, Mr Otton believes it is relevant for anyone in the UK who wishes to buy their own home. He is keen to point out there are other ways of achieving home-ownership available to those who cannot obtain a mortgage through the banks. His Zero-Debt Property Cash Flow Conference2013 is being held from April 19-21. Anyone booking before the end of the year can take advantage of a payment plan that divides the cost of conference attendance into four monthly payments.
Rick Otton has made money by purchasing inexpensive homes and using them to build wealth. He now teaches these strategies to others, having originally unveiled these methods to the UK back in 2008. More details about the program can be found on his website.