First time buyers facing greatest constraints in decades
First Time buyers are facing the toughest conditions to get on the property ladder in seventy years, according to the Building Societies Association (BSA).
Those buying a first home were increasingly reliant on having two high incomes or receiving parental support, they survey has reported.
The BSA’s report, written by housing analyst Neal Hudson, suggests home ownership among younger people has been in decline over the last 20 years.
Although the cost of a deposit had been difficult for some time, the recent increases in mortgage interest rates had tightened the squeeze, the report said.
Along with getting on the property market, latest official figures showed private rental costs in the UK have risen by 9.2% in the last year.
Charity Positive Action in Housing believe that housing prices are having a greater knock on effect on areas such as homeless and asylum seekers. Iona Taylor said:
“I can’t point to a direct correlation between housing stock and the placement of people in institutional accommodation. I very much can say that, if that was available for people looking for
Asylum, we would see hopefully an increase of well-being and mental health security.
