Wednesday, June 13, 2012
The future is here
More than 1 million young people will be "locked out" of home ownership in eight years' time, making up a generation that is "increasingly marginalised" and renting due to the lack of houses, a study warns. The Joseph Rowntree Foundation says that by 2020 the number of home owners under the age of 30 will fall from 2.4 million to 1.3 million, a drop of 46%. The foundation also predicts that by then 400,000 vulnerable young people could be "excluded completely", unable to afford either to rent or buy accommodation. Signalling a widening intergenerational gap, the report warns that many young people who today might expect to get on to the housing ladder will in future find they cannot buy a home.