About 40% of young adults cannot afford to buy one of the
cheapest homes in their area even with a 10% deposit, according to a new
research. The Institute for Fiscal Studies said house prices in England have
risen by 173% over two decades. But average pay for 25-34 year-olds has grown
by just 19% over the same period. In 1996, 93% of those with a deposit who
borrowed four and a half times their salary could purchase a home but that fell
to 61% in 2016. The IFS also said that higher rental costs - up from an average
£140 a week to £200 a week in England - have "reduced the purchasing power
of young adults' incomes" and made it harder to save for a deposit. Read
more on the BBC website.
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