Sunday, Aug 15, 2010
People are starting to take notice
Guardian: Housing organisation declares 'golden age' of home ownership over
Britain's "golden age of home ownership" is coming to an end, and millions of young people face a lifetime of renting instead, the Chartered Institute of Housing warns today. It is calling on the government to turn its attention urgently to the needs of more than three million households in the private rental sector. Figures reveal that in the most expensive parts of the country first-time buyers need to amass deposits of more than £40,000, almost double the average income, to have any chance of buying a home. In London a single person would need to earn more than £50,000 a year to obtain a mortgage for a two-bedroom flat at the bottom end of the market. The "in-betweens" do everything the government asks - working and generally not claiming benefits - but not getting anything in return.
1 Comment
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1. enuii said...
Article sort of misses the point really, surely if youngsters cannot afford to buy sellers will have to lower their expectations to sell. Also with interest rates at all time lows when rates do rise they will also shoot the more leveraged landlords straight in the groin.