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People under the age of 35 who own their own home are now in the minority, because soaring prices make it impossible for young people to get on to the housing ladder.
Only 49 per cent of under-35s are home owners, compared to 59 per cent in 2001, says Propertyfinder, the estate agency website.
Trail link: http://www.trailfire.com/chrisOdd/trails/24612
Summary: http://www.trailfire.com/chrisOdd/trailview/24612
Summary: http://www.trailfire.com/chrisOdd/trailview/24612
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People under the age of 35 who own their own home are now in the minority, because soaring prices make it impossible for young people to get on to the housing ladder.
Only 49 per cent of under-35s are home owners, compared to 59 per cent in 2001, says Propertyfinder, the estate agency website.
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Real estate related businesses disagree, because they don't make money if buyers do not buy. These businesses have a large financial interest in misleading the public about the foolishness of buying a house now.
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Is there a currently a housing bubble? Consider this chart of U.S. home prices, population, building costs, and bond yields (Irrational Exuberance, Robert Shiller). Shiller shows that inflation adjusted U.S. home prices increased 0.4% per year from 1890–2004, and 0.7% per year from 1940–2004. In recent years, however, house prices have accelerated upwards away from the other elements.
