Young people half as likely to get on housing ladder

Today’s young people are half as likely to get on the housing ladder compared with those of 20 years ago, according to a new LGA report. An analysis by the association revealed that 11% of people born in 1996 own their home, compared with 21% of those born in 1976 who owned a home by the time they were 22. The Understanding the Local Housing Market report continued to warn that many young people face renting into retirement, as the high cost of the private rental sector is preventing households from being able to save for a deposit. The report also reveals that, once on the housing ladder, many homeowners struggle to climb it, with the number of mortgaged movers currently 50% below 2006/07 levels. Association housing spokesman Martin Tett commented: "Home ownership remains a distant dream for most young people. The high cost of the private rental sector means many are unable to save for a deposit and face the prospect of being stuck renting into retirement."

24 Housing (28/06/2019)