First Time Buyers To Fall To 600,000 By 2021
A shocking new report issued by a housing charity has suggested that the number of first time buyers that will be able to buy a home could shrink by a further 50% if the current housing crisis continues. The report carried out by Shelter shows that over the last decade the number of buyers aged 25-34 year olds has dropped by a third from just over 1.8m to 1.2m. If the current trend continues the number of first time buyers that will be able to get on the housing ladder would drop to around 616,000. If this is true only 20% of buyers will be aged between 25 -34 meaning that only 1 in 5 people purchasing a property will be a youn homeowner.
Number of young families buying a home will fall further
The picture is also grim for other age groups thgat are not necessarily first time buyers because the number of homeowner has been shrinking and is now the lowest since records began. Soaring house prices and the difficulty in getting a mortgage have made it much harder to buy a home and has pushed buyers into the rented sector. The number of tennts across Britain has almost tripled over the last decade and is likely to rise to 2.3m by 2020.
Rents continuing to rise as demand increases across England & Wales
If you have been renting a home over the last few years you will have seen rents increase by just bunder 5% in the last 12 moths as landlords push up prices. The number of homes to rent has not kept up with demand and this is putting further pressure on the amount of rent tenants are being forced to pay. the average rent on a home across England and Wales now stands at £775 per month which for many families is unaffordable.