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An ‘entire generation’ may never be homeowners

December 11, 2013

HomeownersHouse prices in England are set to soar by up to 43%* over the next seven years, taking the average cost of a home to as much as £630,000 in the capital by 2020. Unless action is taken to build more affordable accommodation, an entire generation could be locked out of ownership and forced to rent forever, the National Housing Federation (NHF) and Oxford Economics have warned.

David Orr, the NHF chief executive, says that a lack of house building has put a ‘brake on economic growth’ because businesses are unable to expand whilst workers cannot afford to live in areas with the highest economic opportunities, such as London or Cambridge.

Orr continues, ‘We know that the nation is heading towards a population of 70m, but at the moment we’re building the same number of new homes as we did in the 1920s, when the population of the country was about half what it will be in 2030’.

Whilst efforts have been made to help younger generations get on the property ladder, such as the Help to Buy scheme, these gestures are thought only to add to the housing bubble. Orr states, ‘Where a market is fundamentally characterised by a lack of supply, a demand side subsidy is just going to put prices up’.

If you were to pass away unexpectedly, your loved ones may struggle even more to get their feet on the property ladder, but with a life cover payout they could keep up with the mortgage repayments on your family home or even have a big enough deposit to buy a place of their own. 


*www.telegraph.co.uk ‘Home buying will be out of reach for an entire generation’, 10th December 2013 <http://www.telegraph.co.uk/finance/personalfinance/houseprices/10505909/Home-buying-will-be-out-of-reach-for-an-entire-generation.html>

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