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If you’re covering today’s figures from the office for national statistics on milestones to adulthood please see the following comment from Gemma Harle Managing Director of Intrinsic’s Mortgage Network, part of Quilter:
“The societal impact of high housing prices and people’s inability to get on the housing ladder are revealed in the ONS’ latest figures on life milestones. Over half of 25 to 34 year olds are renting compared to 35% in 1998. This is in part because average house prices for first time buyers are 8.2 times people’s salary, almost double the level they were at in 1993. In 1997 the most common living situation for young adults was as a couple with one or more children and by 2017 that has shifted to more young adults living with their parents.
“The average age of a first time buyer is now 34 years old and with 30 year old mortgages becoming common that means they won’t be paying off their mortgage till they are in their mid-60s. As a result everything in life is being pushed down the road. That makes it even more important to think about speaking to a mortgage adviser when thinking about taking out your first home loan. Among other things, they will be able to advise you on the lender’s approach to early repayment, for example, which might allow you to cut the borrowing term in the future.
“Shifts in lifestyle patterns is no bad thing in of itself, but when it’s a result of a broken housing market that’s a sign of concern and something that government should be taking seriously. There is a severe lack of supply in the housing market, particularly for first-time buyers. And while banks and lenders are attempting to come up with solutions such as intergenerational mortgages and 100% mortgages they only help a small percentage of the population, namely those who have parents or grandparents that can support them. And anyone considering these products should seek financial advice so they are aware of the risks associated.”
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.
The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.
Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.
Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.
The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:
This press release is for journalists only and should not be relied upon by financial advisers or customers.
Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This communication is issued by Quilter plc. Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270. Registered in England.