\n<\/p>\n
The BSA’s report, written by housing analyst Neal Hudson, suggests home ownership among younger people has been in decline over the last 20 years.<\/p>\n
First-time buyers faced the dual affordability struggle of raising a deposit to buy a home as well as paying a mortgage.<\/p>\n
Although the cost of a deposit had been difficult for some time, the recent increases in mortgage interest rates had tightened the squeeze, the report said.<\/p>\n
Paul Broadhead, head of mortgage and housing policy at the BSA, said: “Becoming a first-time buyer is possibly the most expensive it has been over at least the last 70 years, but a properly functioning housing market is dependent on first-time buyers being able to afford their first home.<\/p>\n
“New thinking and radical changes are needed.”<\/p>\n
At present, buying a home required two above-average incomes, the report said. House price growth has been higher than earnings growth for some time.<\/p>\n<\/div>\n