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.
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38 Responses to “Young people locked out of property market”
LB
You’re advocating not paying pensions, which are paid put of current revenue.
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And, that current revenue is not sufficient to pay the pensions, all because people like you have looted the the contributions.
You cannot pay 5,300 bn of pensions debts, 1,100 bn of borrowing, when you taxes only come to 550 bn, and you are spending 700 bn.
[Ignoring the other debts]
So yep, the NHS is going to murder people left right and center.
The state is going to screw people over for their pensions.
Not me. Labour wonks like you. Tory wonks. Lib Dem wonks. They are going to screw and kill people.
Unlike you, I’m not in any party. I’m not in the pay of the public sector.
Newsbot9
Except it is. You’re referring to normal spending as “looting”. You’re ignoring the fact that unless you kill them, people will continue to pay in.
I don’t care about your scam figures,I care about reality. Keep calling for turning the NHS into a death factory (in the tradition of your far right idols, keep bemoaning the low death rate) to suit your genocidal aims, and keep talking about how you plan to hijack the state to pay you rather than pensions for the 99%.
And keep lying, Tory MP. Your policy is being enacted, REJOICE. Or lie, your choice.
LB
It’s looting. They are spending people’s pension contibutions, to the extent that they can’t pay out on the 20 p in the pound promise.
That’s why you need to educate yourself.
1. What would people have got for their NI, if it had been invested?
If its more than the state, then the state has looted their money.
2. The death rate in the NHS. NHS estimates 20-80,000. BMJ puts it at 40,000.
Stafford, just one hospital needless killed 1,200 people.
3. As for the Tories, they are lying scum. Same for Labour and Lib Dims.
Not surprisingly, you don’t want to quantify the looting. Keep people in the dark so you can carry on taking their money.
Newsbot9
Yes, you’re a looter. You can’t comprehend anything except your theft. The money is there for pensions, you just refuse to pay it.
1. Less than a third. Therefore, you are a thief.
2. Less than the people you want to kill for lack of medical care. Thus, you are a murderer
3. Yes, Tory. You are.
You are the one blinding people so you can steal them. You are not me. Your sick, twisted, creepy claims to be so are a result of your being a Tory.
LB
The money is there for pensions, you just refuse to pay it.
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No its not.
1. Spending greater than taxes. Over 700 bn of spending, on taxes of 550 bn.
2. Debts of 14 times income (taxes)
Try getting a mortgage on that multiple. Try getting a mortgage where you tell the lender you’re going to sell the house as soon as you got the loan.
Nothing to do with me. Everything to do with MPs.
Now that means people won’t get their pensions. Worst hit will be people like you. State pension gone, civil service pension? What pension? Welfare if you are lucky.
The scenario is Greece. Where you’re right is the effects, people like you will be shafted. All off the books. All legalised, because MPs will pass laws making their fraud – Section 2, 2006 Fraud act – legal.
So its Labour wonks like you, Tory wonks, Lib Dem idiots.
Aiding and abetting the thieves.
That’s why you don’t want to discuss the numbers. Hides it from people so you can steal them blind.
You really must be a little more creative. Just pushing back the facts won’t work.
430,000 stolen from a 26K a year worker, pushing them into poverty in retirement, and then not paying that, because you want your pension at other people’s expense.