London will become a city of renters, with just 40pc
owning their own home in 2025, according to new research from PwC. This is a
reversal of the situation in 2000, when 60pc of Londoners owned a house, either
outright or with a mortgage. PwC's forecast of the continuation of 'generation
rent' will come as bad news to many, including the government, which has been
attempting to create a nation of homeowners by artificially boosting the market
with schemes such as Help to Buy. George Osborne is also penalising landlords
by raising stamp duty on buy-to-let properties from April. Locked out by high
prices and unattainable deposits and mortgages, young people will be the
hardest hit: just 26pc of those currently aged 20-39 will own their own home by
2025. This compares with 64pc of households born in 1960 and 1970 who owned a
house by the time they were 35. Read more on the Daily Telegraph website.
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