Home ownership unachievable for millions, says CIH...

25 August 2010

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Written by rosalind renshaw

Millions of young people face a complete lifetime of renting as home ownership becomes increasingly unattainable, according to the Chartered Institute of Housing.

The CIH view is in complete contrast to that of housing minister Grant Shapps who has said he wants to restore home ownership as an achievable goal.

But CIH figures have revealed that in the most expensive parts of the country, first-time buyers require deposits of more than £40,000, almost double the average income.

The CIH wants the Government to help what it calls the ‘in-betweens’ who earn more than £12,000 but less than £25,000, making them ineligible for social housing but too poor to get on the property ladder.

Shared ownership schemes are also out of reach of this group.

CIH chief executive Sarah Webb said: “Home ownership is out of reach for a lot of people and we need to move to a situation where renting is a positive choice.

“A golden age of home ownership is coming to an end. The time has come to move away from the notion of ‘right-to-buy’ and ‘wrong-to-rent’.