‘Chances for young Britons to buy homes cut by half’

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London, Feb 16 (IANS) The chances of a young British adult owning a home on a middle income have been halved in the past 20 years, said research released on Friday.

Home ownership among the middle income earners aged 25 to 34 has fallen from 65 percent two decades ago to 27 percent in 2015 and 2016, according to findings from the Institute for Fiscal Studies, reported Xinhua.

Middle income earners are considered those who have a take-home pay of 22,200 to 30,600 pounds ($31,164-42,956)

The biggest drop in home ownership was observed in southeast England.

Local newspapers accused the explosion in house prices of having “robbed” the younger generation of the ability to buy their homes.

Over the past 20 years, house prices have grown about seven times faster than the average income of young people, said the study. As a consequence, those born in the late 1980s are much less likely to be able to buy their own homes.

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Every region of Britain has seen a drop of 10 percentage points over the same period, IFS said.

–IANS

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