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New data from Zoopla this morning highlights the affortability challenges facing first-time buyers, showing:
First-time buyers are targeting homes worth £10,000 more than a year ago, with average prices up 4.3% to £254,750 — nearly 3x the rate of UK house price growth
There are 6% fewer first time buyers in the market than this time last year.
“Most young people want to work, but too few jobs are available to them in many local areas, as NEF research has shown. Job vacancies are at their lowest level in 12 years, outside of the pandemic lockdowns – and young people are struggling more than others to land the few jobs available.
“It is encouraging to see how strongly the Milburn Review’s interim report recognises the gravity of the UK’s Neets crisis. Our ambition should be that the UK becomes one of Europe’s lowest Neet countries rather than one of its highest.
“The report has grasped the key drivers of the UK’s high Neet rate, and the steps needed to tackle these: more engaged employment support, early intervention on mental health, and a greater focus on further education.
Continue reading…Rolling coverage of the latest economic and financial newsNumber of Neets in UK could hit 1.25m by early 2030s, Milburn review will sayNew data from Zoopla this morning highlights the affortability challenges facing first-time buyers, showing:First-time buyers are targeting homes worth £10,000 more than a year ago, with average prices up 4.3% to £254,750 — nearly 3x the rate of UK house price growthThere are 6% fewer first time buyers in the market than this time last year.“Most young people want to work, but too few jobs are available to them in many local areas, as NEF research has shown. Job vacancies are at their lowest level in 12 years, outside of the pandemic lockdowns – and young people are struggling more than others to land the few jobs available.“It is encouraging to see how strongly the Milburn Review’s interim report recognises the gravity of the UK’s Neets crisis. Our ambition should be that the UK becomes one of Europe’s lowest Neet countries rather than one of its highest.“The report has grasped the key drivers of the UK’s high Neet rate, and the steps needed to tackle these: more engaged employment support, early intervention on mental health, and a greater focus on further education. Continue reading…
