NEW STUDY REVEALS MANY YOUNG PEOPLE CAN NOT AFFORD MORTGAGES
|
| Article date: 11/10/2005 : 11:33:23 |
|
|
Latest research shows that more than one million young people do not have enough money for even the cheapest homes in their area.
The research indicates that over 1.25 million people under 40 in England, Scotland and Wales have incomes too high to receive housing benefit if they live in rented housing, but too low to afford a mortgage on even the cheapest two or three bedroom homes.
The Joseph Rowntree Foundation has asked the key organisations involved in setting house prices, such as government policy makers, regional planners and housing providers, to reconsider their position on house prices to bear in mind these young people.
The author of this study, professor Steve Wilcox, said: "This analysis reveals a yawning gap in the market for intermediate housing products such as shared ownership and attractively priced private renting that is potentially much larger than previously recognised by government or housing providers.
"At the very least the figures justify some new and creative thinking on ways that the current range of intermediate housing products could be expanded to appeal to the growing number of young, working households who simply cannot afford local house prices."
The foundation also estimates that each year another 60,000 people wanting to buy a house find themselves with this problem.
|
