Property news roundup: Property haves vs have-nots

Plus, the 19 constituencies where more adults rent rather than own their home, and new flooding funding

Property 'haves' have a six year head start on the 'have-nots' on the property ladder, claims a new report.

Young adults aged 25 to 36 can expect their current circumstances to have a significant effect on their children's property purchases, according to figures from HSBC.

Among these property 'haves' who are already on the housing ladder, the average age of a first-time buyer is 29, only a year older than it was 30 years ago. The process of saving up to buy a property took them an average of two years and eight months, a couple of months less than they expected. However, two thirds had help from their parents.

However, property 'have-not's within this generation do not expect to buy their first home before the age of 35, a time when the 'haves' will be trading up.

Those aged between 25 and 36 today who own property are likely to pay off their mortgage aged 60. However, property 'have-nots' will still be paying off their mortgage at 67 and a half which the report argues will affect their financial flexibility and ability to financially support their own children.

"Home ownership continues to be an aspiration for the majority of young people," said Pete Dockar, Head of Mortgages at HSBC. "This study shows postponing their purchase has long term implications not just for their future property ownership, but their ability to help their own children step onto the ladder.

Flooding funding

Prime Minister David Cameron has announced £100 million for flood defences and says there will be "no restrictions on help" for those affected.

Speaking after a meeting of COBR, the goverment’s emergency committee, the Prime Minister said: "In Somerset, the Environment Agency continues to pump three million tonnes of water a day off the Levels alongside high velocity pumps provided by the fire and rescue service. But no amount of pumping will solve the current problem completely because the land is so saturated, so dredging will start as soon as the waters have receded enough for it to be safe to do so."

Parliamentary property

Neal Hudson from Savills has tweeted an interesting map breaking down property by parliamentary constituency in England and Wales. Most are in London, including Kensington, but ones outside include Sheffield Central, Manchester Central, Liverpool Riverside, Bristol West and Leeds Central.

 



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