Homeownership has become less affordable for young people in the UK
March 27, 2017
Publication today from the Social Mobility Commission on the Gov.UK website headlines ‘Home ownership access to first-time buyers in the UK’. Research on first-time buyers’ reliance on their parents to get onto the housing ladder.
Analysis of Government and housing market data finds that the proportion of young people embarking on home ownership has fallen dramatically. The Commission warns that the increasing trend will have damaging consequences for social mobility as young people on lower incomes are finding it almost impossible to get a foot on the housing ladder.
The report states: Over the past few years, homeownership has become less affordable for young people in the UK. Housing tenure is one of the key determinants of perceptions of
social class. It is also the main way in which wealth is held and transferred through the generations. Difficulties in shifting from renting to buying can therefore be a barrier to intra-generational social mobility.
Parental support for first-time buyers can mitigate this but such support is most likelyto be forthcoming from parents who already homeowners.
Responding to the call by the Social Mobility Commission (SMC) to examine the role that family support plays in young people’s access to homeownership, this report examines the pattern s and impacts of parental help for their children to become homeowners and provides projections on future levels of FTB homeownership and parental help.
Read the publication in full on Gov.UK click here.
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