A free pizza pop-up shop in London gave away slices to hundreds of people to help highlighting the difficulty for young adults to get on the property ladder – and it’s not as simple as cutting takeaways
Slice Mobile offer young people the chance to win a house deposit
Hundreds of Londoners were seen grabbing a free lunch as a pop-up pizza bar in Hackney dished out complimentary slices.
The initiative was launched following research that revealed 40% of young people would reduce their takeaway consumption if it meant they could afford a house in the future, but it’s not as simple as that.
A survey of 1,000 individuals aged between 18 and 30 found that half believe they will never be able to climb onto the property ladder due to its unattainability.
This might explain why 91% no longer see home ownership as their main goal, with 45% putting this dream on hold to enjoy life. A significant 63% would rather spend their earnings than save or invest in a mortgage.
The study also showed that 73% want to make the most of their lives while they can, treating themselves to things like dining out or buying new clothes up to three times a month.
As many as 22% prioritise career progression, and one in 10 prefer to pay off their student loans.
A representative for the new mobile network, Slice, which conducted the research and offers customers cashback and input into its product features, said: “We understand that it’s hard out there for young people to buy their first home.”
“We’re equally tired of hearing older generations tell us to cut back on takeaways to be able to afford a deposit. Cutting out takeaways for a year won’t even come close to the money needed upfront – but we’re giving away free pizza anyway.”
“Times have changed in the last 20 years – becoming a property owner then was far easier and not as overwhelming financially. It’s no wonder so many have given up and would rather spend their hard-earned money on life experiences.”
Over a fifth feel they don’t have a high enough salary to afford a mortgage for anything decent. But 49% are still trying to save for a deposit, regardless. This leaves 45% of those who don’t think they will ever be able to buy feeling sad or overwhelmed.
In addition to cutting down on takeaways, 36% said they would reduce the amount of clothes shopping they do and 33% wouldn’t go out for dinner so much, if it meant they could afford a house in long-run.
The spokesperson for Slice, which is giving away a house deposit worth £30,000 to one founding member, added: “It’s overwhelming when the things that are important to so many people feel completely out of reach.”
“And we know, first hand, how hard it is for the next generation to get themselves on the property ladder. Which is why we’re giving away a lump sum to one lucky customer for a house deposit – so they can get on with other priorities.”
