Wealth gap widens as homeownership plummets for younger generations

A new report by UK 2040 Options and The Resolution Foundation reveals a decline in homeownership for those born in the 1980s, with only 36% owning their own homes by age 30 compared to over 60% for those born in the 1950s and 1960s. The wealth of the richest 10% has grown 25 times faster than the poorest 30% since 2006. The report suggests changes to tax laws, such as capital gains tax reform, as a step towards reducing the wealth gap. Craig Brown, CEO of Legal & General Home Finance, notes how house price rises have outpaced wage growth, making it harder than ever for first-time buyers to step onto the property ladder without help. L&G Bank of Family research suggests that, over time, less people will have the opportunity to become home owners unless there is property wealth in their family. 

Daily Express (02/10/2023)   The Mirror (02/10/2023)