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WEDNESDAY 12TH OCTOBER 2005  NEXT GENERATION LESS ABLE TO BUY HOMES Only three out of ten of today's ten-year-olds will be able to afford to buy their own homes unless house building increases, according to figures released by the Office of the Deputy Prime Minister. By 2026 the proportion of thirty something couples able to afford to buy is set to fall to approximately a third, compared to half of couples today and two thirds in the late 80s, if the country carries on with current building rates. The figures show that unless more new homes are built to meet the needs of the next generation, tomorrow's thirty-year-olds will be denied the opportunities their parents and grandparents had to own a home of their own. Currently 71% of households are homeowners, but 90% say they would like to own their own home at some point. Today’s preliminary projections are based on analysis as part of the government’s response to the Barker Review, which will be set out in full before the end of the year. The analysis shows that building more homes reduces pressure on house prices and helps more families afford their own homes. Households under 30 have already seen a drop in homeownership, according to new national statistics which are also published this week. The Survey of English Housing 2004/05 shows how the number of households under 30 with mortgages has dropped from 40% to 36% between 2000 and 2004. 10 years ago the figure was 46%. Government analysis also shows that problems with affordability are becoming a threat to social mobility. ODPM figures show that 23% of first time buyers are now relying on gifts and family loans in order to afford a deposit, compared to just 4% twenty five years ago. The Barker Review showed that Britain has not been building enough homes to meet rising demand for several decades, and the result has been rising house prices and growing problems of affordability. Over the last thirty years the number of households has increased by over 30%, but the level of building of new homes has fallen by over 50%. In the South and East, for every seven new households, only four new homes are being built. Commenting on the figures, Housing and Planning Minister Yvette Cooper said: "For the sake of today's ten year olds we need to start planning new homes for the future right now. It isn't fair if people's chances of owning their own home in the future depends on whether their parents or grandparents were homeowners before them."

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