Report to Google if you want to earn $ 64,000 at home

Report to Google if you want to earn $ 64,000 at home
Generation Rent are doomed to “a life in expensive renting” as the average house price grows far beyond the average salary, according to the homeless charity Shelter.
By 2020, first time buyers will need to earn £64,000 per year to keep up with increasing property prices, or more than twice as much.
This is an increase of nearly a fifth on the £52,000 needed for a typical first time buyer’s mortgage in 2015, the research finds.
On top of the £64,000 to pay each month for their mortgage, they would need a deposit of £46,000 to secure the home with house prices projected to rise to £270,000 over the next four years.
The research is based on a projection by Paul Cheshire, a professor of Economic Geography at the London School of Economics. He said that UK house prices are expected to increase by 23 per cent by 2020. His projections were published in Santander’s Property Millionaire: The Growing House divide report.
Campbell Robb, Shelter’s chief executive, said the figure comes as no surprise given that over the last five years the country’s housing shortage has seen house prices rise six time faster than the average wage.
“It’s no wonder people on ordinary incomes are being locked out of a home of their own. With the situation only set to get worse, Generation Rent will be forced to resign themselves to a life unstable private renting, and wave goodbye to their dreams of a home to put down roots in,” Robb said.
Thousands of people marched through central London in March to protest against the Government’s proposed new Housing bill.
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