Property News · March 28, 2017

The Guardian view on house prices: the government lacks the political will to fix the broken market | Editorial


It has taken only tentative steps towards reforming the land market and improving tenants’ rights. Young people without family wealth will pay the priceIf the price of milk had risen in line with average house prices over the past 40 years, consumers would now be shelling out more than £10 for a four-pint carton: a sobering reminder of just how broken Britain’s housing market is. With price increases like these, it is little surprise the number of first-time buyers relying on family loans is now at a historic high, according to new research from the Social Mobility Commission: one in three rely on family help, and the proportion of 25- to 29-year-olds who own their home has almost halved since 1990.A world where a growing proportion of young people can only afford to buy a home with family support makes a mockery of equal opportunity. Home ownership matters in Britain: yes, as oft remarked, it is a cultural aspiration; but one that is underpinned by rational financial interests. Home ownership provides a stability and financial security simply unavailable to those who rent, thanks to house price growth that benefits owners but drives up rents, and our very weak framework of tenants’ rights. Continue reading…

Source : theguardian.com
Read more…The Guardian view on house prices: the government lacks the political will to fix the broken market | Editorial

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