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A report on social trends from the Office of National Statistics shows that we are now more likely to find it hard to afford the cost of a home and younger people are more likely to stay at home for longer.
First time buyers are the ones hardest hit by rising property prices. Most commentators agree that price increases are being caused by not enough properties being built. And those that are built are more likely to cater for people living on their own or a smaller family group. Another factor is more people purchasing properties as an investment in the buy-to-let market.
Young people are now staying at home longer and it’s not uncommon to find them still living with their parents well into their mid twenties. This may be because the government has encouraged more and more youngsters to go on to further education. They may be willing to do this in order to achieve higher earnings in the future that they will need to get onto the housing ladder, but in the process they will often incur substantial debt. Therefore they find it more difficult to afford their first property and stay at home with mum and dad – so the circle continues!
27th April 2007
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