Nearly 900,000 fewer under 45s are owning their own home at a time when more and more are turning to the bank of mum and dad to buy a property, city MP says.
Official government figures analysed by Labour show that in 2009-10 there were 4.46 million under 45s that either owned their own home outright or with a mortgage. In 2017-18 that fell to just 3.59 million. A drop of 870,000 households.
At a time when fewer young people are able to buy a property. More and more households are turning to the bank of mum and dad to help buy a house.
New analysis of the Government’s English Housing Survey shows that in 2010-11, 1.12 million households used a gift, loan or inherited money from family or friends to help finance the purchase of a home. In 2017-18 this rose to 1.78 million households. A rise of 630,000 households.
The failure to build the new homes needed has hit the hopes of local people too. In Portsmouth, there have been 354 homes built on average over the last five years. This compares to 810 in the year before the financial crisis.
Stephen Morgan MP said:
“This analysis confirms a generation locked out of homeownership over the last decade and shows the scale of Conservative failure on housing. This is affecting Portsmouth people and it is simply not good enough.
The Tories are failing young people on ordinary incomes to realise their dream of homeownership. Five years ago, Conservative ministers promised to build 200,000 ‘starter homes’ but not a single one has been built, while the number of new low-cost homes to buy like shared ownership almost has halved since 2010.
The country needs a new plan to fix the housing crisis, not a new Tory leader. Labour will back first-time buyers with 100,000 discounted FirstBuy Homes, help curb renting costs and give first dibs on new homes for local people.”