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Millions of young families are entering an era of
insecurity in which renting will become the norm, according to a
new Cambridge University study. This warns of steep increases in
the number of parents unable to buy their own home.
As reported in The Observer this week, the research
states that if the British economy remains stagnant, just over one
in four people - 27% - will be in 'mortgaged home ownership' by
2025, compared with 43% in 1993-94 and 35% now.
It finds that it is no longer young, single people who are
unable to get into the property market because of rising house
prices, falling real wages and banks that are unwilling to lend.
The same difficulties are now besetting families with children -
many of whom are paying half or more of their income in rent and
have little or no money to save for a deposit.
Observer news article (link opens in a new window)
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