Tuesday, May 17, 2011

Locked-out or priced out?

Home ownership - an entire generation without a key to the front door

Only one in four young adults will be able to afford a home of their own in the future, warns a Rowntree Foundation, which says that Britain is turning into a "rotten borough" where a whole generation will be locked out of the property-owning democracy.

Posted by alan @ 11:27 PM (1627 views)
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2 thoughts on “Locked-out or priced out?

  • sibley's b'stard child says:

    Interesting excerpts from one of the Rowntree Foundations reports:

    http://www.jrf.org.uk/sites/files/jrf/social-rented-sector-supply-full.pdf

    “A related pragmatic argument (particularly in a recession) is that social housing investment will generate large employment and output multipliers (Smyth and Bailey, 2009) of as much as 1.9, which is important to sustain construction and wider sector capacity during a downturn. The scale of council housing development carried out post-war and during the 1960s and early 70s certainly helped provide that economic boost but since then there has been a move away from building large mono-tenure estates, which has meant looking at such development programmes differently in the current economic cycle.”

    and

    “It could be argued, in hindsight, that the credit crunch was a predictable outcome of the wider problems that we have had in the housing market more generally within the UK and that some form of local as well as global adjustment was bound to happen as a consequence of the way that lending decisions were being made.”

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  • sib,

    Good quotes, but

    a) why does it take such a convoluted paragraph to make the case that building houses is a logical way of combating unemployment during a recession.

    and

    b) it took no hindsight on our part to see that the housing market was going to end in tears…!

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