Presented by treehouse If you’re a young professional in the U.K. at the moment, particularly in London, two numbers should give you a lot of food for thought: 16 and 2,350. Sixteen is the number of years a ‘skilled service worker’ needs to work in order to be able to buy a 60m2 (650 square feet) flat near the city centre in London, according to a report by UBS: 2,350 U.S. Dollars (1,800 GBP) is the average rent in London, according to a study posted on Reddit not too long ago, the tenth most expensive out of 540 cities looked at world-wide, and the most expensive in Europe. A report by the Institute for Fiscal Studies found that today’s young adults are significantly less likely to own a home at a given age than those born only five or ten years earlier. At the age of 27, those born in the late 1980s had a homeownership rate of 25 percent, compared with 33 percent for those born five years earlier (in the early 1980s) and 43 percent for those born ten years earlier (in the late 1970s). That’s an 18 percent difference between those born a decade apart. The fall in homeownership has been sharpest for young adults with middle incomes. In 1995–96, 65 percent of those aged 25–34 with incomes in the middle 20 percent for their age owned their own home. Twenty years later, that figure was just 27 percent. A 38 percent difference, which highlights what everyone… [Read full story]
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