NEARLY 900,000 fewer under 45s are owning their own home – a generation locked out of home ownership according to Warrington South MP Faisal Rashid.
More and more are turning to the “bank of mum and dad” to buy a property, he says.
Official government figures show that in 2009-10 there were 4.46 million under 45s that either owned their own home outright or with a mortgage.
In 2017-18 that fell to just 3.59 million – a drop of 870,000 households.
New analysis of the Government’s English Housing Survey shows that in 2010-11, 1.12 million households used a gift, loan or inherited money from family or friends to help finance the purchase of a home.
In 2017-18 this rose to 1.78 million households. A rise of 630,000 households.
Mr Rashid said: “This analysis confirms a generation locked out of homeownership over the last decade and shows the scale of Conservative failure on housing.
“The country needs a new plan to fix the housing crisis, not a new Tory leader. Labour will back first-time buyers with 100,000 discounted FirstBuy Homes, help curb renting costs and give first dibs on new homes for local people.”
“A generation locked out of home ownership”
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