Tuesday, 12 February 2013

We own land! Give us money!

From the Home Builders Federation:

On average across England, without assistance from a Government scheme or other help, somebody in their 20s wanting to purchase the average first time buyer home (£175,265) would have to save a deposit of £35,053. Even saving 33% of their net income it would take them nearly seven years – 83 months - to put together the necessary deposit. In 2002, a person in the same circumstances would have saved a deposit in 2.5 years...

This increasing ‘deposit gap’ has seen the number of FTBs plummet, creating a Locked-out Generation. In the five years to 2002 the number of first time buyers averaged 543,000 each year. In the last five years to 2012 that number has collapsed to 197,000.

But wipe away your crocodile tears, help is at hand...

However, there is some hope emerging for people looking to buy. The Government’s Funding for Lending scheme has resulted in some thawing in the mortgage market and Government-backed schemes such as Newbuy and Firstbuy are providing a lifeline for an increasing number of people who would otherwise be excluded from home ownership.

In other news: DeBeers calls for government grants for young men who cannot afford to buy their girlfriend a diamond engagement ring.