Resolution Foundation research shows it can now take almost
a quarter of a century for UK households to accumulate a big enough deposit to get
on the housing ladder.
The Resolution Foundation thinktank has used the Bank of
England’s latest survey of household finances to show that with house prices
rising sharply, it would now take almost a quarter of a century for low- and
middle-income households to accumulate a deposit on average, if they set aside
5% of their disposable income each year.
Resolution’s chief economist, Matt Whittaker, warned that
help to buy may simply boost house prices, lifting them further out of the
reach of lower-income households. “To the extent that these schemes have stoked
demand and so propped up house prices in recent years, they have served to make
homeownership even less attainable for many, while increasing the gains flowing
to older homeowners who have been the main beneficiaries of the sustained
housing boom,” he said.
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