Thursday, 18 February 2010
5% in Hackney vs 26% UK average - young families who can afford a home
The Daily Mail reports that nearly 75% of young families cannot afford to buy their own homes in the UK. The report by the National Housing and Planning and Advice Unit said that this rose dramatically in inner-city boroughs like Hackney where 95% of young families cannot afford to get on the housing ladder. The figure could be even higher as the research used a 5% deposit as the normal minimum requirement for a mortgage. Mortgage lenders have raised this minimum requirement since the research was conducted.