Home.co.uk
Home.co.uk

News: Home sweet home...forever?

Thu, 12 Apr 07

Young adults are living with their parents for longer as house prices soar, reports the BBC...

First-time buyers faced a 204% hike in average house prices over the decade to 2005, a new report has shown.
Over the same period, first-time buyers' average incomes rose by just 92%, according to the Office for National Statistics Social Trends report.

This prevented increasing numbers of people from taking their first step on to the property ladder. Last year, around six in 10 men and four in 10 women aged 20 to 24 in England still lived with their parents. That figure was up from around half of men and 30% of women in 1991, according to the ONS.

New homes decreasing in size

Meanwhile, the average price of houses in the UK hit £183,966 in 2005 - up nearly 6% on the previous year and nearly treble the 1995 average.

In the decade to 2005, the average price paid by UK first-time buyers rose by 204% from £46,489 to £141,229, according to the ONS.
Its report also points out that new homes in the UK have been getting smaller in the face of rising demand.

Two-bedroom properties have replaced four-bedroom homes as the most common type of new build.
Demand for smaller houses is linked to the increasing number of people who live alone.

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