Home Ownership: A 'Thing of the Past'?
22% of young people believe that home ownership is a 'thing on the past', according to a recent survey by Halifax.
This comes after the suggestion by the Social Mobility Commission that ownership is 'free fall' as the number of 25- to 29-year-olds owning a property is less than HALF what it was back in 1990 - 31% compared to 63%. On top of this, a third of property buyers needed parental help in order to get a rung on the ladder.
Despite all this, we had more first-time buyers across the UK in 2016 than in the last decade. And, the Yorkshire & the Humber region that we live and work in is the second cheapest in England when it comes to average deposit and mortgage:
A couple of weeks ago, James Danbury wrote a piece on 'Generation Rent (Forever)' and how more than 1,000 tenants across Selby have no intention of ever buying a property. But, while it's true that there are more barriers today than almost 30 years ago, there is also a generational change whereby not everyone wants to be tied down to a region for a set period of time. Flexibility and money in the bank is seen as more important by some.
What can be done for those who want to get on the ladder?
According to the Chair of the Social Mobility Commission, Rt Hon Alan Milburn:
Home ownership helps unlock high levels of social mobility but it is in free-fall among young families. It is welcome that the government recognises the growing problem people face in getting on the housing ladder. A major national effort is needed to expand opportunities for home ownership and will require more radical action on housing supply.
In the last State of the Nation report, they called on the government to modify the current Starter Home Initiative to help people get on the ladder and also target building three million new homes in the next decade.
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