A report out today has said that the number of home owners has hit the lowest level for 24 years. It seems that there is no let up in sight for those struggling to enter the residential property market. And yet again the same stumbling blocks are being blamed, particularly for first time buyers, the gap in salaries compared to housing prices, shortage of new homes and high deposit requirements.
This report by the HomeOwners Alliance is a blow considering the reports that have been seen about the improving economy as well as reports suggesting that mortgage lending is on the increase and the number of approved mortgages has gone up month on month over the last quarter.
This report focused somewhat on the longer term effects, suggesting that as people cannot get onto the property ladder now it is likely to affect them for life and by 2060 housing benefit for the older generation will be even high as people begin to retire without having ever owned their own home.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
Setfords Solicitors are a national full service law firm, with residential property Solicitors in Ross on Wye and across the country.