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
I’m not, since I haven’t taken any money. It’s people like you, running the state pension system as a Ponzi.
End result, you can’t pay, and the result is as you say, people will be killed. Perhaps not as many as the NHS kills, but there will still be deaths.
However, keep it up, you need your cash now don’t you from those contributions. Have to keep up with the Jones.
LB
It’s already Greece. Nothing will change it, because you’ve looted the pension contributions so you can have the good live.
BMJ (British Medical Journal) 40,000 deaths from error and deliberate killing, each year, in the NHS.
Snertly
Not at all. Just a person made curious by your large output of weak rhetoric. You and the LB here seem to be pretty evenly matched. Seems like you’re a bit better informed about housing in England than the particulars of Julian Assange and Wikileaks.
Newsbot9
Yes yes, keep whining about the million and more saved, gotta kill them all!
Keep mixing up your imagination and Britain’s current state too. Keep transposing me and you, Tory MP.
Newsbot9
You’re transposing me and you again, and mixing up “Jones” and “0.01%”. And keep lying about the 540 billion you boast about looting in other posts, and how YOU refuse to pay a penny back, and boast how it’s terrible how the poor get medical care, and…]
You’re a broken record, Tory MP.