Tuesday, May 29, 2012

“Property ownership is a pipe dream for the majority of today’s young adults”

Half a million more 20-34 year olds now live with parents

In 2011 nearly 3 million adults aged between 20 and 34 were living with their parents, an increase of almost half a million, or 20%, since 1997.This is despite the number of people in this age group being largely the same in 1997 and 2011........The increase in the number of young adults living with parents over the past decade coincides with an increase in the average house price paid by first-time buyers, which rose by 40% between 2002 and 2011......Nicholas Ayre, director of Home Fusion, says: “A 20% rise in the number of 20 to 34 year-olds living with their parents says all you need to know about the property market and economy - they’re broken.

Posted by jack c @ 11:47 AM (2061 views)
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6 thoughts on ““Property ownership is a pipe dream for the majority of today’s young adults”

  • mark wadsworth says:

    That’s another three million potential voters for shifting to LVT!

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  • sibley's b'stard child says:

    Good to see it make the direct link between this trend and the disconnect between average wage/house price.

    Suddenly all those vacuous dinner parties braying how much money has been ‘made’ over their canny investments won’t be so decadent with their adult son wandering around the gaff in his boxers, scratching his nethers.

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  • “Property ownership is a pipe dream for the majority of today’s young adults while rents are at astronomical levels.”

    Pipe dream if you can’t afford to buy, pipe bomb if you can. At least the former can be budgeted for each month, the latter is a potential black hole given the state of the global economy.

    Anyone with a bank account full of filthy fiat maybe looking to exchange it for something real like a house, but for the young buying with debt it’s a very risky business indeed given that it’s really a speculative punt on overpriced housing becoming even more overpriced and a 300 year low base rate remaining so.

    Paying the landlord each and every month maybe dirty and humiliating but what’s the alternative at the minute? Signing up to a crooked Government homebuy scheme that lands you with 20% negative equity on the day you sign the paperwork for a house that is smaller than the one you built from Lego during your childhood.

    Grab a beer and think it over would be my advise…

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  • best advice you could give is to do nothing and take a step back

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  • What is this country going to look like in coming decades? No home, no partner, no kids? Increasingly top heavy population.

    ” renting … now it’s a luxury ” Wth!?

    Any decent small towns with cheap housing for the youth to populate, revitalise?

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  • well you can still buy a house up north for 15-30k

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