Grant Shapps

Julian Knight: Those born after 1979 could be stuck being a lifelong

Being born before or after 1979 is apparently key to whether you're able to afford to own your own home or not. Older than 33 and you're likely to be already on the ladder, having bought a few years ago and seen values rise in the main. Younger than 33 and it's a massive struggle to put enough of a deposit together and to earn enough to secure a sufficiently large mortgage to get on the ladder. I'm north of 33 and the other day I looked at the price of my first flat, which is currently on the market, and realised that if I only had say a 10 per cent deposit then I probably wouldn't get a mortgage high enough to buy it. This was no palace. It was a more akin to a shoebox backing onto a railway track, typical of so many first-time buyer properties in London.

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