In 2015 there were 618,000 more young adults living with their parents than in 1996 - 3.3 million rather than 2.7 million, according to the data from the Office of National Statistics (ONS). Their research indicates that the percentage of young adult householders owning their home decreased from 55% in 1996 to 30% in 2015 for 25 to 29 year olds and from 68% to 46% for 30 to 34 year olds.
Only 9% of 20 to 24 year old householders owned their homes either outright or with a mortgage or loan in 2015, down from 30% in 1996.
Between 1971 and 1999, the amount paid for a house by first time buyers with a mortgage fluctuated between two and three times their annual income. After 2000, this ratio increased rapidly, reaching a peak of more than 4.5 times their annual income in 2004 and has remained fairly stable since then. But in 2014 median house prices were 11 times median gross annual pay for 22 to 29 year olds, while median house prices for first time buyers were nine times median gross annual pay for 22 to 29 year olds.
House prices may have risen but increases in earnings have not, it’s challenging times for you young people. Enable’s experienced IFAs in Bishops Stortford can help you to help them.
Source: Property Wire
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
No comments:
Post a Comment