'Generation Rent' Shut Out Of Home Ownership : UK Construction News
Low-to-middle income households are likely to be shut out of home ownership for a lifetime, according to analysis published today by the independent think tank the Resolution Foundation.
High average first-time buyer house prices and more restricted loan-to-value mortgage advances mean that the average low-to-middle income household putting aside 5 per cent of their disposable income each year would have taken 31 years to save a deposit in 2010, up from just eight years in 1983. In London in 2010, low-to-middle income households would have needed to save for 54 years compared with 24 years in the North of England.
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