Young people are increasingly locked out of the property market due to rising prices.
Young people are increasingly locked out of the property market and it takes a person in their 20s seven years to get the money to put down on a house, a report out today warns.
On average across England, a person in their 20s wanting to purchase the average first time buyer home (£175,265) will have to save a deposit of £35,053.
Even saving 33% of their net income it would take them nearly seven years – 83 months – to get the money.
For potential first time buyers in their twenties saving half of their net income it will take on average across England more than 10 years to put together a deposit for their first home, and in London an 24 years.
In 2002, it would have taken 2.5 years, the report by the Home Builders Federation found.
The percentage of income required for a deposit has also gone up.
For those aged between 22 and 29 across England, the average deposit is 229% of net annual salary; and in London it is 300%. For thirty-somethings the average deposit is 176% of net annual salary – in London that figure rises to 232%
London mayor Boris Johnson was criticised last year after figures showed a massive 70 per cent drop in the number of affordable houses built compared to 2011.
38 Responses to “Young people locked out of property market”
LB
1. Too much demand – Solution cut migration
2. Too much tax – less available to save
3. Student loans – less available to save
4. Destruction of the pension system. People then by property as an alternative
5. Low interest rates. People will good credit can buy cheaper than new buyers. See point 4.
Newsbot9
Yes, keep talking up your policies, your pre-meditated debt load you’re putting onto people, and your lashing out at migration, xenophobic isolationism which will do very little to solve a far deeper structural problem with insufficient house building for decades!
Keep trying VERY hard to make the problem worse.
LB
Labour policy wonk are we?
Lets kick out foreigners, yep, you said that.
Other people are murdering people, but not the NHS.
There’s no government debt, but we’ve spent all your pension contributions
Migrants don’t live anywhere, so there can’t be a housing shortage.
Keep it up. It’s going to be nasty when people don’t get their human rights of a weekly giro.
Newsbot9
I said kick out serious financial criminals like you, you’re trying to palm off your views onto me again, it’s creepy.
You keep on spouting your distorted lies about what I’ve said, and keep on trying to genocide the British poor.
LB
I’m not killing anyone.
I’m not taking money from the poor.
That’s what you’re doing. You’re taxing them to buggery to support your lifestyle.
Keyworkers must have the cash, Labour policy from wonks like you. Doesn’t matter if it comes from the poor, we’ve entitled to it.
So you’ll carry on taking money from the poor, and when they want their state pension, from the system you run, you’ll turn around and say, bugger off, we’ve spent all you’re money. You mean you trusted us? You’re a bunch of muppets for doing that. You’re too stupid for a pension. PS, we’ve a new scheme for you, its the liverpool care pathway. We’ve been bumping off 40,000 a year. Can I sign you up?
Sums up the left. Orwell had it right about the state, both left wing socialists and national socialists such as Hitler, Mussolini, and Franco.