The plight of the asset-less 40-somethings who cannot get on the housing ladder - Telegraph: "According to Lucian Cook, the head of residential research at Savills, more people aged between 35 and 64 years old, either through choice or necessity, are now renting.
“We’re seeing the lack of accessibility to homeownership that was confined to the under-35s move up into the next age group,” said Mr Cook.
“With a finite amount of social housing stock concentrated in older households, a lack of access to owner occupation is not just affecting the under-35s but beginning to feed up into the 35 to 49 age group. With an ageing population, this creates significant long-term issues in terms of average lifetime housing costs.”
Renting is becoming more socially acceptable, he argued, with some opting for a more flexible lifestyle. Divorce is another factor.
Another social shift is that people are staying single for longer, and following frenetic house price growth before and after the last recession, it is harder to get a mortgage on one salary for those in their 30s and 40s.
• Tracker rates fall below 1pc for the first time
The collective value of all rental homes lived in by 50 to 64-year-olds has increased by 358pc since 2001, compared with 314pc for under-35s."
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“We’re seeing the lack of accessibility to homeownership that was confined to the under-35s move up into the next age group,” said Mr Cook.
“With a finite amount of social housing stock concentrated in older households, a lack of access to owner occupation is not just affecting the under-35s but beginning to feed up into the 35 to 49 age group. With an ageing population, this creates significant long-term issues in terms of average lifetime housing costs.”
Renting is becoming more socially acceptable, he argued, with some opting for a more flexible lifestyle. Divorce is another factor.
Another social shift is that people are staying single for longer, and following frenetic house price growth before and after the last recession, it is harder to get a mortgage on one salary for those in their 30s and 40s.
• Tracker rates fall below 1pc for the first time
The collective value of all rental homes lived in by 50 to 64-year-olds has increased by 358pc since 2001, compared with 314pc for under-35s."
'via Blog this'
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