According to a new report to be published tomorrow, more than 1m young people have been kept off the housing ladder over the last decade due to declining social mobility. In an interview with The Sunday Times, mobility tsar Alan Milburn said that young people's dependence on their parents’ money to buy a home is “threatening to break the link between effort and reward that is core to social mobility”. The social mobility and child poverty commission, which Mr Milburn chairs, will call for “radical” solutions including building on green-belt land, giving priority access to new homes for first-time buyers and measures to boost the availability of “part-rent-part-buy” schemes to allow young people to build up equity in a home. The report points out that the rate of home ownership among 25-year-olds has halved over 20 years, from 45% for those born in the mid-1960s to 21% for those born in the mid-1980s.
published inThe Sunday Times & The Observer