The average house price in Great Britain has risen above £350,000 for the first time, according to property website Rightmove. From 2021 to 2022, house prices in all regions and countries, except London and Scotland, rose by 10% and are now approaching a level (house price to income ratio) last seen at the height of the economic and housing boom of the 2000s.
As a result, middle-income households are priced out of the market. This is an ongoing phenomenon. The UK government’s statistics show that the proportion of people who owned and lived in their own home peaked at just under 71% in 2003 in England. By 2020, it had fallen to 64%.
In the 2000s, the private-rented sector grew massively, with the rise of buy-to-let landlords. At the same time, there was a large increase in the number of young adults living with their parents. This phenomenon has also continued, because both buying and renting have become increasingly unaffordable. Nevertheless, people largely still aspire to own their own homes.
This article is part of Quarter Life, a series about issues affecting those of us in our 20s and 30s. From the challenges of beginning a career and taking care of our mental health, to the excitement of starting a family, adopting a pet or just making friends as an adult. The articles in this series explore the questions and bring answers as we navigate this turbulent period of life.
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