Shocking new research has revealed that only one in four people aged under 35 will be able to afford their own home by 2020.
The damning statistic, released by the Labour party, shows that the housing crisis is pricing a whole generation of youngsters out of having a place of their own, the Mirror reports.
Now Labour is criticizing the Tories housing policies as a ‘complete failure’ adding that ‘Ministers have got no long-term plan for declining home-ownership and a worsening housing crisis.’
Labour’s Shadow Housing Minister John Healey said:
We need more good homes of all types to fix the country’s housing crisis.
The shocking fall in home-ownership over the last six years shows that what used to be a natural part of growing up is becoming a luxury for those on the highest salaries, or whose parents have the deepest pockets.
The official data, which Labour released ahead of a campaign week focusing on housing ahead of the local elections on 5 May, also shows that to date there are 340,000 fewer home-owners aged under 35 since 2010.
Mr Healey has already said that should Labour win, reversing the decline in home-ownership will be the party’s housing priority.
Separate research and analysis commissioned by Labour and released previously has revealed that young working class people have seen the greatest drop in home ownership.
Now there is growing concern that Torie government’s housing policies favour those on higher incomes, and fail to help those who most need it most.
The latest ‘help-to-buy’ figures show that thousands of people on ridiculously high salaries, over £100,000 a year, are the ones benefiting from government policies which were supposed to help struggling first-time buyers
Furthermore analysis by a number of independent experts including Shelter and Savills has shown that ‘starter homes’ costing up to £450,000 are un-affordable for people on average incomes
Following housing investment being cut by 60 per cent government figures show the number of affordable homes to buy has fallen by 28 per cent since 2010.
So basically if you want to buy a house in the future, start saving now…