Baby boom to endanger future FTBs
Since 2010 six babies have been born for every new home being built, while England reached a 41-year birth rate high in 2012.
With high levels of migration since 2000 England’s population has grown by more than three (3.2) for every new home since 2010.
Simon Crone, vice president for mortgage insurance – Europe at Genworth, said: “These findings are a major cause for concern when you think of the struggle that today’s 30-somethings face to get on the housing ladder – despite being born in an era where the rate of births to new house building was far lower.
“The first time buyers of the future will come up against even greater competition from a larger number of their peers unless we move on from short term fixes to the housing market.”
Since 2010 Wales has averaged 6.3 births for every new home built, Scotland builds one home for every 3.7 births Northern Ireland’s ratio stands at 3.3.
In England’s local districts Hyndburn in Lancashire (34.1) has the highest rate of births per home followed by Oadby and Wigston in Leicestershire (34.0) and Stockport in Greater Manchester (32.0).
In terms of the ratio of population growth compared to new homes Sevenoaks in Kent (22.9) leads the way in England followed by North Warwickshire (20.2), Nottingham (19.2), West Somerset (18.8) and Brighton and Hove (18.3).
Crone added: “Housing and homeownership will be one of the defining issues of the upcoming election.
“Putting long-term measures in place must be top of the priority list for the next government.
“It will take a concerted effort to bring an end to the current crisis but the hopes of future generations of first-time buyers are relying on a successful outcome.”