The prospect of owning a home is slipping away from young people across the country. Soaring house prices mean that, even if young people work hard and save up, most will still find themselves priced out of a home of their own. Our new online calculator, based on average incomes, shows just how long it can take to save for a home across England.
Unless something changes, this could completely change the way our children and grandchildren live their lives. They’ll live at home for longer, until well into their thirties. Or, if they can afford to move out, it will be into a rented home where they’ll be paying ‘dead money’ to a landlord who can hike up the rent or evict them whenever they want.
Too many people chasing too few homes has caused house prices and deposits to spiral out of control. We have to tackle the root cause of the housing crisis – and build more good quality, affordable homes.
Surprised? Don’t be. Living costs are rising. Wages are stagnating. It’s no wonder that only 1 in every 3 first time buyers can afford to buy a home without help from their parents. And the situation is only going to get worse unless we can get the government to take action.