On June 6th, millennials descended on The Breakfast Club in London’s Spitalfields to fill up on expert tips and guidance to help them get onto the property ladder – as well as a free delicious breakfast, of course – curtesy of Noddle.
The ‘sell-out’ pop up event – ‘Cred and Breakfast’ – was open to the public at no cost and gave millennials access to mortgage advisors from Prolific Mortgage Finance, backed by the Mortgage Advice Bureau, and Noddle credit experts to help them start the journey towards home ownership.
Jacqueline Dewey, Noddle’s Managing Director, explained: “There’s currently a lot of pessimism around millennials’ chances of financial success and we want to challenge this notion. If you plan effectively for the future, you too can achieve your financial goals.
“We hope by hosting this pop-up millennials will become ‘creddie’ for home-buying!”
“This is a great event and having spoken to one of the Noddle experts, she has suggested that I get on the electoral roll. I have been told that before but I see the urgency now and I’m going to start proactively trying to do what I can to get on the housing ladder.” Fiona Oghorie
Why is Cred and Breakfast so important?
Compared to previous generations, millennials have struggled to get on the property ladder. Just 33 per cent own a home by the time they reach their late-20s, compared to 52 per cent of Generation X and 60 per cent of baby boomers at the same age, according to recent estimates1.
When asked about her thoughts on millennial home ownership, event attendee Praia Patel said: “Prices are really high, so [owning a home is] quite difficult, especially for first-time buyers.”
She wasn’t alone in feeling this. One other attendee admitted: “Sometimes I feel like I’m never getting onto the property ladder,” adding “personally I feel like [owning a home is] getting trickier. It’s not being made easier, [despite] the amount of incentives like the government’s Help to Buy scheme.”
Getting millennials on the property ladder
By sharing tips and guidance on how to improve your financial situation and take those first steps onto the property ladder, we hope that we can inspire millennials to not give up on their dreams of homeownership. While there are undoubtedly challenges out there, there are things young people can do to increase their chances of owning a property. To learn more, visit our Millennial Hub.
Our tips for getting ‘creddie’ for home ownership
Improving your credit score is an important first step for many before applying for a mortgage. Here are 5 of our top tips to get you started.
If you have any questions about getting onto the property ladder, tweet us @useyournoddle.
1 Resolution Foundation (2018) Millennials’ income gains have stalled across advanced economies, but the UK stands out for its living standards and housing ‘boom and bust’ https://www.resolutionfoundation.org/media/press-releases/millennials-income-gains-have-stalled-across-advanced-economies-but-the-uk-stands-out-for-its-living-standards-and-housing-boom-and-bust/