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Young people with deposits still cannot buy homes

About 40% of young adults cannot afford to buy one of the cheapest homes in their area even with a 10% deposit, according to a new research.

The Institute for Fiscal Studies said house prices in England have risen by 173% over two decades.

But average pay for 25-34 year-olds has grown by just 19% over the same period.

In 1996, 93% of those with a deposit who borrowed four and a half times their salary could purchase a home but that fell to 61% in 2016.

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BBC News

 

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