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Future generations may never own
Future generations may never own their own their own home with young people continuing to struggle to get on the property ladder, industry experts have warned.
In response to statistics documenting the trend of multiple families living in the same household in England and Wales experts have expressed grave doubts about the future of home ownership.
Research from the Office for National Statistics has documented the rise of so called āconcealed familiesā following analysis of census data from 2011.
The research revealed a 70% increase in concealed families, i.e. a couple or lone parent living with another family, between 2001 and 2011. As such the number of such families in England and Wales reached a staggering 289,000.
Over the last 10 or 15 years house prices have decoupled from earnings growth and itās getting harder and harder for young people to become first-time buyers.
During the recession certain groups of people also got themselves into financial difficulties and have elected to live with their parents again to get back on their feet financially.
House prices up 1.1% in January
The latest Halifax House Price Index shows that house prices rose by 1.1% in January following a small fall in December (-0.5%).
House prices in the three months November 2013-January 2014 were 1.9% higher than in the preceding three months (August 2013-October 2013). This is within the range of 1.8 – 2.1% recorded for this measure throughout the preceding eight months to June 2013.
The Halifax said activity is on an upward trend with housing transactions in 2013 exceeding one million for the first time since 2007.