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‘House price affordability damning for young aspiring homeowners,’ notes leading property entrepreneur on Thu 26th February, 2015
Some experts believe developers in London are so focused on the housing boom and taking advantage of the rising costs of property sales, there is little focus on getting the younger to generation to afford to buy homes, according to aspect.co.uk’s MD Will Davies.
Latest reports from the Department for Communities and Local Government show that home ownership in England fell to its lowest level in 30 years in 2014 while the number of those renting has risen to record levels.
Meanwhile, many young people live with their parents until they’re beyond 30 as they cannot afford to buy houses. Campaigners claim that home ownership will soon be just for the ‘old and rich’.
According to Mr Davies, the government is still piling on the problems for young people, who already lack motivation and skills to get a job, and therefore part of ‘Generation Rent’ where too many of them are renting and not buying.
“Youth unemployment is still too high, and those young people who have jobs, simply cannot afford to buy a house in this current climate,” says Mr Davies.
“They can't get on the property ladder as low value housing is not being built and they can't afford higher value properties.”
“There is a skills shortage, too few jobs for too many people.”
“If we take an ‘I'm alright Jack’ attitude then we will have a major problem in a few years’ time with a generation who are untrained, unskilled and demotivated.”
John Price, Hillgrove PR.
T. +44 (0) 20 3603 0366