Housing continues to remain non-inclusive for many segments of home-buyers in the UK and it has been established through a study. A new analysis carried out by the Local Government Association (LGA) has found out that home ownership rates among the 25-year-olds have fallen drastically in the last two decades.
The study found out that all 25-year-olds owned their home 20 years ago, in a generational shift, only 20 per cent of 25-year-olds are now on the housing ladder. This means that housing is out of reach for the young working professionals, as the cost of owning a home has increased significantly.
“LGA insists homes for affordable or social rent are vital to help more families afford to save up for a deposit to buy a home,” the Association, which represents 370+ Councils in England & Wales, said in a statement highlighting the seriousness of the issue, which remains unresolved despite the government’s repeated interventions.
This warning comes also in the wake of a shocking drop (88%) in the number of social rented homes in 2016 from 20 years ago, there is a need for enhancing the number of homes being constructed under the social housing category.
Strawberry Star has been consistently supporting the idea of an innovative housing model involving all the stakeholders if the housing crisis must be addressed from the long-term perspective for inclusive growth.
With access to housing to buy increasingly limited to future generations, the LGA insists homes for affordable or social rent are vital to help more families afford to save up for a deposit to buy a home