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Getting on property ladder to ease by 2025
First-time buyers in 2025 will find it easier to buy a home than those who are trying to get on the property ladder today.
A new report by the Centre for Economics and Business Research predicts that rising wages and changes in the property market over the next 20 years will boost the affordability of property.
Wage increases are expected to outstrip rising property prices over the next 20 years by 140 per cent against 112 per cent.
Changes in the housing stock will also aid first time buyers. The number of small starter homes is expected to increase, thanks in part to government subsidies.
Current divides in the housing market are, however, set to increase.
First-time buyers in the south-east will only be able to afford 15 per cent of available properties. Buyers in the West Midlands will enjoy the largest choice with 60 per cent of houses being affordable.
The gradual transformation of households will also fuel a more divided appearance to UK homes.
The report predicts that numbers of inter-generational families sharing large properties in order to save space and money will rise, while the growth of single households will boost demand for compact homes.
A new report by the Centre for Economics and Business Research predicts that rising wages and changes in the property market over the next 20 years will boost the affordability of property.
Wage increases are expected to outstrip rising property prices over the next 20 years by 140 per cent against 112 per cent.
Changes in the housing stock will also aid first time buyers. The number of small starter homes is expected to increase, thanks in part to government subsidies.
Current divides in the housing market are, however, set to increase.
First-time buyers in the south-east will only be able to afford 15 per cent of available properties. Buyers in the West Midlands will enjoy the largest choice with 60 per cent of houses being affordable.
The gradual transformation of households will also fuel a more divided appearance to UK homes.
The report predicts that numbers of inter-generational families sharing large properties in order to save space and money will rise, while the growth of single households will boost demand for compact homes.
posted by Barbara Gordon at 7:02 AM
Getting on property ladder to ease by 2025
1 Comments:
We applied for a mortgage not so long ago and now own a house. I found it very confusing, too many people involved. Advisers, solicitors banks - all making your life a living hell! I didn't have a clue what the process was or even where to start. Yes things like this should be taught at school, something more realistic to prepare people for real life situations. Unfortunately my school was more concerned about wearing the right coloured socks than actually teaching anything useful.
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