The housing crisis in five short sentences

In 2013 there were 3.35 million young people aged between 20 and 34 living with their parents – an increase of 470,000 since 2010.

If this rate of growth continues then 4.9 million young people will be living with their parents by 2020.

The average age of a first-time buyer is 30 and the average age of unassisted first-time buyer is 33.

It would take a low to middle income household 22 years to save for a typical first time buyer deposit, assuming they saved 5 per cent of their income a year.

Over 1.3 million families with children are now part of “Generation Rent”, with little security and the risk of being forced to move at short notice.

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2 Responses to The housing crisis in five short sentences

  1. Using Zoopla data (for all property) we can also see the effect on regional inequality.

    – Postcode NW1 (Hampstead): Zed-Index £993,798 – change over five years: £235,162 (+32.85%)
    – Postcode NE1 (Newcastle City Centre): Zed-Index £151,357 – change over five years: £6,457 (+4.46%)
    – Horden (Durham ex mining community) Zed-Index £66,780 – change over five years –£703 (-1.04%)
    Zoopla data : NW1, NE1, Horden – taken 28 February 2015). For comparison the change in CPI over 5 years is about 13%. (112.4 vs 127.1 Jan 2010 to Jan 2015)

    The average five-year increase in property values in NW1 would buy more than one and a half whole properties in NE1. And people who live in NW1 and who have made such huge (currently tax-free) gains were peeved about a possible Mansion Tax (with easy life-time deferral of payment)!

  2. Louie Stevens says:

    The first responsibility of leadership is to define reality. This you have done in these 5 sentences. Alarmingly I hear no such clarity from labours leadership candidates. I despair.

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