Home ownership among 25 – 34-years-olds has fallen from 59% just over a decade ago – to 37% today. The Council of Mortgage Lenders predicts that by 2020 only 25% of 30-year-olds will own their own home.
Sellhousefast.uk analysed data by Savills, identifying only 16 out of 348 council districts across England and Wales offer a single buyer on an average income the ability to purchase independently – and none are in the South of England.
Evidently, it is fast becoming impossible for many to purchase where they live – but none more so than those situated in the South.
Unsurprisingly, the data found single buyers are priced out of Greater London, the East and the South East completely, where property prices are continuing to spiral out of control. In fact, recent figures from gov.co.uk reflect the average house price in Greater London (£483,803), the East (£281,513) and the South East (£316,026) as far greater than the North West (£152,259), Yorkshire and The Humber (£154,985), the West Midlands (£181,328) and Wales (£148,177.) Proving great disparity between regions.
Robby du Toit, Sell House Fast director, comments: “Evidently the housing market is in dire straits and there isn’t really any way around it. Collectively, we need to push through it. Take advantage of every available opportunity; whether that means raising housing issues locally, or politically to promote change; seek advice from property professionals and attempt to save where possible. Positively, there is movement and progression – such as the recent Government Housing White Paper for England, which outlines ways in which first-time buyers will be supported. Now more than ever, it’s important to stay informed and to continue to hope that change is on its way.”