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”
Newsbot9
Yes yes, LB. Thanks for standing up and being counted.
And I see, that’s your next target is it, LB, victim blaming harder?
blarg1987
Yet you still have not compared it with other countries me notice 😛
LB
Interestingly, I’ve now had an official response.
The government definition of a contingent liability, is one where its less than 50% that it will pay out.
So your civil service pension, less than 50% you get paid. The question is how much below evens are the odds you get paid. Same for the state pension.
It’s the plan. Don’t pay out. That’s the state for you.
LB
Where’s the 540 bn?
Is it the 550 bn the state taxes people?
Or is it the 5,500 bn debt that’s off the books? For your pension.
I’m not a doctor, so I’m not responsible for the deaths in the NHS. 40,000 of them, each and every year.
What have Labour and you to say about it? Lets talk Horse meat.
Snertly
You have wandered off the beam, though it shouldn’t be surprising. The bulk of your arguments seem to be more aimed at the messenger than the message. The kind of person who argues in that fashion tends not to be overly concerned with specific facts that might get in the way of the rhetorical expression of feelings regarding the subject matter, therefore they tend to make logical errors because organizing things in a logical fashion has a lower priority than simply stirring up an emotional response.