Research produced by the Institute for Fiscal Studies has shown that house prices in England have risen by over 173% in the last two decades. With that comes the frightening statistic that 40% of young adults (those aged between 25 - 34) cannot afford to buy the cheapest homes in their area.
The research, cited in an article by the BBC, offers other worrying statistics - such as only 35% of 25-34 year olds own a house. This statistic is only made worse when you consider that this figure is down from 55% in 1998.
These new statistics make it ever clearer that more needs to be done to make homes affordable for young people. The question is how do you do so? The research suggests that the key is for the government to increase the number of homes available for young people and to allow construction in green belt areas. I would suggest that these are steps in addressing an ever increasing issue but that more much more will need to be done to make the properties affordable for young people. Sadly this is something which is more easily said than done.
About 40% of young adults cannot afford to buy one of the cheapest homes in their area even with a 10% deposit, according to a new research.