The phrase “Property Owning Democracy” seems to have faded into oblivion. Indeed, the latest ONS figures suggest that for whole generations of the young and not so young owning their own home is now no more than a pipedream. Here are the startling statistics:-
At their peak in the mid 1980s mortgages to First Time Buyers were running at over 600,000 per annum. By 2013/2014 this had crashed to 200,000 per annum. In 1991 67% of those aged between 25 and 34owned their own home. By 2011/2012 this had declined to 43%. If you focus on the 16 to 24 age group the decline is even more marked from a high of 36% to a recent low of 10%. One of the reasons for the decline of First Time Buyers is the level of Deposit required to get a mortgage. Back in 1988 the average deposit was about 12% whereas now it is about 27% and with house prices significantly higher than they were in 1988 that 27% represents an awful lot of money!