Buy a house in the UK, a young family is becoming increasingly difficult

If the current growth trend in property prices in the UK will continue, only the richest generation of Britons will be able in the near future become the happy owner of your own home.

Even those young families who can count on government assistance, will have to pay an initial Deposit when applying for a mortgage, in absolute terms, 10 times higher than that paid by the people 1980. Even if you make allowances for inflation, and to measure housing affordability in the earnings of the citizens, still today’s youth were in a more difficult financial conditions and the availability of housing in the UK over the years has decreased significantly.

For example, if you buy a real estate mortgage, the more tangible will be the amount of the principal debt, are becoming stricter and the income requirements of the family when considering the possibility of obtaining a mortgage loan.

The average person, the first buying a house today needs a £30,000 Deposit. But the average income of a citizen of the UK today – £36500 pounds, and the average income of a young buyer of real estate in 1980 was £20,000 pounds a year. The amount of borrowed funds that will be needed today to the buyer of the property is approximately 3.4 annual earnings. And the amount of borrowed funds, which was required to customers in 1979 was only 1, 7 annual earnings. In fact , this figure has doubled .

Especially the situation with the availability of real estate affected employees of the medical sector, doctors, firefighters, plumbers. The inaccessibility of housing for young is felt throughout the country.

In a survey of young people revealed that 80% of respondents believe that the current generation become the owner of your house is much heavier than their parents. Every 8 out of 10 respondents said that he did not believe that at least one of the existing political parties able to do something that would solve the problem of housing affordability in the UK.

Politicians who come to power after the next election in 2015, there is much to ponder and what to make a priority to solve the housing problem will help to solve other problems of national economy and significantly increase the political dividends of any policy.

® Maxim Savitsky 19.09.2014 g.

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