Property ownership unlikely for millions of Brits
Recent surveys indicate that the British dream of home ownership is still alive and well but a new report suggests the dream will never come true for millions of young people.
In years gone by the majority of youngsters have fled the nest to by the time they have entered their twenties and by the age of twenty five a high proportion of those have taken the first step on the UK property ladder but sadly those days are now resigned to history for many of todays’ young adults.
A study by the Joseph Rowntree Foundation believes the UK’s housing crisis is set to deepen by the end of the decade.
Estimates suggest that more than 2 million people under the age of thirty currently reside in private rental accommodation, within the next eight years that figure is expected to swell by a further 1.5 million according to the results of the study.
The average UK property price currently stands at around £162,000 and with the average salary being £26,000 only those with wealthy parents or high-earners can realistically afford to buy a home of their own.