The coronavirus crisis has placed more barriers to homeownership in front of young people, regardless of expected falls in house prices, says the Resolution Foundation.
Wealth inequality is almost twice as high as income inequality and, having fallen for most of the 20th Century, has increased over the past decade, says the Resolution Foundation.
Over one in ten people across Britain own second homes, buy-to-let and overseas properties worth £941bn, according to new research by the Resolution Foundation.
Home ownership rates for families aged 25-34 are rising for the first time in 30 years, but high barriers to entry facing first-time buyers remain acute, according to new analysis published by the Resolution Foundation.
As long as they had a 10 per cent deposit, in 1996 over 90 per cent of 25- to 34-year-olds would have been able to purchase a house in their area if they borrowed 4½ times their salary (the maximum that most lenders will now allow).By 2016, only around 60 per cent of young adults would have been able to borrow enough to buy even one of the cheapest homes in their area.
The final report of the Intergenerational Commission has called for a new generational contract to tackle the big challenges Britain faces for young and old.
Policy makers need to radically reform the private rental sector to make it fit for raising children and retirement because a generation of young people face the prospect of never owning their own home, according to a new report published by the Resolution Foundation.
Millennials will enjoy an ‘inheritance boom’ but it will be too late and too unequally shared to solve the generation’s home ownership and wealth inequality woes, according to the Resolution Foundation.