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IC_2017年英国各世代购房调查报告(英文)2018.9_70页

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Acknowledgements
The authors would like to thank the many experts who have shared their thoughts on
this report through conversations and comments including Kate Barker, Jonathan
Halket, Neal Hudson, John Muellbauer, Joe Oldman, Bob Pannell, Kate Webb, Sally
West and Peter Williams. The UK Data Archive also helped with historical data. Any
errors or omissions are, of course, our own.
This work contains statistical data from ONS which is Crown Copyright. The use of the
ONS statistical data in this work does not imply the endorsement of the ONS in relation
to the interpretation or analysis of the statistical data. This work uses research datasets
which may not exactly reproduce National Statistics aggregates.
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AcknowledgementsContents
Acknowledgements .........2
Executive summary.......4
Section 1: Introduction ....8
Section 2: Housing security over time ...........9
Section 3: Housing afordability over time 29
Section 4: Housing quality over time ..........43
Section 5: Looking to the future ........53
Section 6: Conclusion ....62
Annex 1: Our housing tenure categories and data...........63
Annex 2: Measuring afordability ....66
Annex 3: Modelling of homeownership rates .......67
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ContentsExecutive summary
Many disparities exist between the generations but none is more acutely felt than the
question of housing. Across all income groups and all parts of the country, young people
believe they are on the receiving end of a poorer housing experience than their parents
and grandparents. Moreover, this angst transcends the generations: both older family
members and the broader population fag housing as one of their key concerns for young
people in the UK today.
In this, the 9th report of our Intergenerational Commission, we take on this hugely
important topic. We compare the housing outcomes achieved by diferent generations
over the life course and assess the extent to which intergenerational inequalities exist
when it comes to security, to afordability and to quality. We explore how the housing
experience of each generation has been determined by demographics, policy and the
market alike. Finally we look to the future, recognising that our housing tenure by
mid-life can have a signifcant bearing on our living standards not just in the here and
now but also over the entire span of our lives. So what do we fnd when we take a long,
hard look at housing across the generations
Today’s thirty year olds are only half as likely to own their
home as the baby boomers
Britain may traditionally be viewed as a nation of home owners but a look at the data
shows that the share of families who own their home has been falling since 2003. This
downward trend has not been felt equally across the generations: home ownership rates
of older birth cohorts have remained steady at high levels while younger generations
have seen much lower levels of, and slower increases in, ownership than their prede-
cessors. As a result, today’s families headed by 30 year olds are only half as likely to own
their home as their parents were at the same age.
Demographic changes such as longer education, later coupling and later child bearing
form part of our account as to why younger people’s home ownership rates have fallen so
sharply over time. Moreover, we note that the home ownership rates of older generations
received a boost in the 1980s and 1990s as a result of Right to Buy (and the decision not
to replenish the social housing stock means fewer properties available for young people
to rent in this sector today).
Taken together, however, preferences and policies like Right to Buy provide only part
of the explanation as to why home ownership rates have declined over time. Crucially,
we show how barriers to entry have increased dramatically, not least from rising house
prices. With the average young family today having to save for 19 years to accumulate
enough for a typical deposit compared to just 3 years a generation ago, it is small wonder
that home ownership rates have tumbled.
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Executive summary
4。