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Home ownership for the under 40’s drops by a third

May 11th 2016
By: Melanie
Home ownership for the under 40’s drops by a third

The Government has introduced and enforced several changes to the property industry to try and discourage the buy to let market in a bid to increase the amount of first time buyers getting onto the property ladder. So news this week that home ownership has fallen by a third in the last twenty years for people 40 years just underpins the importance of making sure that there are enough starter homes for buyers and easy access to mortgages.

Brandon Lewis, planning Minister told Tory MP Julian Sturdy, who represents York Outer that: “Over the last twenty years, the proportion of under 40-year-olds who own their home has fallen by over a third from 61% to 38%, and the average house price to earnings ratio for successful first-time buyers is now 4.3 compared to 2.7 in 1993.

The Government is determined to change this and ensure that more young people can afford to buy their own home. That’s why we are committed to building 200,000 starter homes to provide affordable homes for purchase with a minimum 20% discount for first-time buyers under the age of 40.

“Starter homes are an important innovation to improve the level of home ownership in this age category.”

If you are a first time buyer looking for a good starter home Intercounty Royston has a top floor, one bedroom flat for sale with a guide price of £170,000, with underground parking and within close location to the station.

Features:

  • EPC Band C
  • One Bedroom Apartment
  • Top Floor
  • Convenient Location For Station
  • Allocated Parking
  • Leasehold

If you would like to find out more about this property please follow this link or call Intercounty Royston on 01763 242528, or alternatively come along to the open house day on the 21st May Between 1 - 3pm.