The discrepancy between the increase in prices of houses and flats in England and wage growth is increasing.

The appetite of people who would like to have your house in great Britain growing for the last four years, but the number of homeowners is falling. The study, conducted by the Home Owners Alliance, 73% of people who do not have their own house or apartment in the UK, would like to become homeowners, last year the proportion was 69%, in 2014 – 68% and in 2013 – 65%.

Despite the fact that every year more and more people want to have the housing ownership, percentage of owners drops. After reaching a peak in 2002, when the number of homeowners reached 69.7% of the current share owners is steadily decreasing due to progressive growth in property prices in the UK, which makes unavailable the purchase of housing for many.

The discrepancy between the growth of prices for houses and flats in England and wage growth is increasing. Over the past five years, the growth rate of housing prices 5 times higher than the rate of wage growth, a situation exacerbated by an acute shortage of new properties for sale. Despite government measures to support young families and first-time buyers afford housing, the availability of the loan is reduced due to the high value of the initial Deposit on the purchase. However, the government stimulates the demand for property in the UK, and the main problem to be addressed – major construction and supply of new housing.

The figures show that the housing crisis is getting worse. While the government can not solve the fundamental problem of supply of housing, the crisis will worsen and fewer young families will be able to buy your own home or apartment. The government had pinned hopes on people over 55 years of age, which, according to preliminary estimates, was going to change your own housing. However, this did not happen. The main reason was the lack of decent real estate for relocation, stress and the trauma that people suffer when moving. About 23% refused the move due to the fact that I don’t want to lose established relationships with friends, neighbors and relatives.

The most difficult situation with the availability of real estate in London, where, because of the acute shortage of housing often occur the phenomenon of gazumping, perezagruzki houses, etc., the Average price of property in London is more than twice the average price around the country that imposes on buyers in London Greater burden of payment of Stamp duty.

The study revealed that twice more people prefer to buy property in old homes compared to those who are considering new construction as purchase.

® Maxim Savitsky. 28.08.2016 G.

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