Next generation faces house-buying crisis

Only one in three of today's ten-year-olds will be able to buy a house by the time they reach their 30s unless house-building increases, according to new research.

If current building rates continue, only a third of thirty something couples will be able to buy their own home by 2026, compared to half of couples today and two third in the late 80s.

The ODPM research reveals that tomorrow's thirty-year-olds face being denied the opportunities enjoyed by their parents and grandparents.

Today's preliminary projections are based on analysis as part of the government's response to the Barker Review, which showed that the UK has not been building enough homes to meet rising demand for several decades, and the result has been rising house prices and growing problems of affordability.

Commenting on the figures, housing minister Yvette Cooper said: "For the sake of today's ten year olds we need to start planning new homes for the future right now.
"It isn't fair if people's chances of owning their own home in the future depends on whether their parents or grandparents were homeowners before them."

ODPM figures show that around one in four first time buyers are now relying on gifts and family loans in order to afford a deposit, compared to just four per cent 25 years ago.

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