The number of under thirties buying a home in Britain has fallen by over twenty per cent in a decade – down from 60 per cent to 39 per cent.
The Government says its studies show that not enough homes are being built.
The new housing white paper shows that since the 1970s there has been an average 160,000 homes built every year.
However, given the ever growing population, if there was to be enough housing for everyone, houses would need to be built at a rate of 275,000 per year.
In Nottingham, it seems that for most the idea of owning their own home is just a dream.
Audio: Nottingham under 25’s are negative about the future…
- Only 11% of the UK is built on, so, the country is not ”full”.
- By 2020 only a quarter of thirty year olds will own their own home.
- The average rented household now send over half their monthly salary to their landlord.
James Evans, Senior Estate Agent from Haart in Nottingham says the problem lies with the renting system.
He said: ”Because the renting price is usually around 500 pounds a month, it’s very hard for anybody, especially youngsters to save for a mortgage on top of that.”
But, Mr Evans said, it there is help out there if you need it: ”I recommend Government ISA, where you can contribute a little bit each month, also, it’s key to save, save and save some more.”