Are mid-earners locked out of buying a house in Thurrock?

17 February, 2018, 00:55 | Author: Franklin Nunez
  • One in four middle-earning young adults own their own home – down from two in three 20 years ago, claims report

The IFS said that for 90 percent of 25-34 year-olds, average house prices were more than four times their after-tax income, while this was true for under half of 25-34 year-olds in the mid 1990s.

The chances of young adults on a middle income purchasing a house in Britain have fallen by more than 50% over the last two decades, a new study has found.

In 2015/16, 8% of young adults on low incomes were home-owners compared with 64% of those with high incomes.

With only 27 per cent of young adults owning their own home, the proportion of those that do not is now closer to those on the lowest incomes than the highest earners.

Christopher Furlong via Getty Images                   Labour's John Healey has said the report is a'wake up call for the government
Christopher Furlong via Getty Images Labour's John Healey has said the report is a'wake up call for the government

Over the past 20 years, average house prices have grown around seven times faster than the average incomes of young adults, the IFS said.

The rise in house prices over the last two decades has led to just one in four middle-income young people owning their own home - down from two in three twenty years ago.

The biggest decline in home ownership in the last 20 years has been among middle-income 25 to 34-year-olds, the Institute for Fiscal Studies said.

"The fall in homeownership is entirely explained by the fact that young adults' incomes are now much lower relative to house prices on average", said the IFS.

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At the age of 27, those born in the late 1980s had a homeownership rate of 25%, compared with 33% for those born five years earlier (in the early 1980s) and 43% for those born ten years earlier (in the late 1970s).

Yet net household incomes for those aged between 25 to 34 have risen by just 22 per cent over the same period, with the research covering those with post-tax pay packets of between £22,200 to £30,600 a year.

Young adults from more advantaged backgrounds are significantly more likely to own their own home, the IFS said.

John Healey, Labour's shadow housing secretary, said the research should be a "wake up call" for the ministers.

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Wage growth failing to keep pace with house prices is being blamed for a "collapse" in home-ownership levels among young adults.

In theory this could save a first-time buyer up to £2,000 on the price of their property. "After nearly eight years of failure on housing, the government is still failing to tackle the fundamental problems with our broken housing market", he said.

Housing Minister Dominic Raab said schemes like Help to Buy meant previous year saw the highest number of first-time buyers in the United Kingdom since 2006.

Figures published by the Office for National Statistics earlier this week revealed that house prices across the United Kingdom increased by 5.2 per cent in the year to December.

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