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Housing crisis hits young
8:59am Tuesday 5th March 2013 in News
HOME ownership among young people in England has fallen by a third in the last 20 years, according to research part-led by a York academic.
A new report from the Chartered Institute of Housing (CIH) showed 43 per cent of people aged between 25 and 34 owned their own home last year, down from 67 per in 1992.
Among those aged between 16 and 24, the figures dropped even further, from 39 per cent to 14 per cent in the space of two decades.
The figures were collated from the Government’s Labour Force Surveys and have been analysed in the CIH’s UK Housing Review 2013, edited by Professor Steve Wilcox of the University of York and Professor Hal Pawson of Heriot-Watt University and produced in collaboration with housing organisation Orbit. It forms part of a new CIH campaign which is looking at the problems behind the UK housing crisis.
CIH chief executive Grainia Long said: “For millions of young people, the dream of home ownership remains just that, and the country’s chronic shortage of affordable homes to buy means they are being denied the same opportunities enjoyed by their parents and grandparents.
“In many parts of the country, rising demand in the private rented sector is pushing both rent and house prices ever higher, making it even harder for young people to save for a deposit, while the deposit they need to get a mortgage becomes even larger.”