Young people face 'soul-destroying' struggle to buy first homes
Summary
Young people in England are having a hard time buying their first homes because house prices are much higher than their incomes. The government plans to build 1.5 million new homes by 2029 to help with this issue. Some believe more needs to be done, like improving public transport and managing second homes, to make housing more affordable.Key Facts
- The government aims to build 1.5 million new homes in England by 2029.
- The average house in the East of England costs around £332,000, about nine times the average salary.
- Lauren Finch, 29, lives with her parents and says her salary only allows her to afford a £90,000 home.
- Renting is expensive, with average annual rent in the East of England at about £15,660.
- Some young people are advised to get extra jobs or partners to help afford homes.
- Second homes are said to increase house prices in some areas.
- A new permanent mortgage guarantee scheme is introduced to aid first-time buyers.
- Calls are made for better infrastructure and public transport to support new housing developments.
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