Fears thousands in Sheffield will never afford a home
Home ownership in England has fallen to its lowest level since the 1980s - and Sheffield has seen one of the sharpest drops in the country.
Home ownership in England has fallen to its lowest level since the 1980s - and Sheffield has seen one of the sharpest drops in the country.
Research from an independent think-tank shows 58.4 per cent of people in the city were homeowners in February this year, compared to a peak of 68.2 per cent in 2003.
The analysis from the Resolution Foundation warns soaring prices are forcing millions to abandon their dreams of buying their own place.
The think-tank said the figures show the longed talked-about London housing crisis has spread, with regions in the north becoming increasingly unaffordable.
Stephen Clarke, policy analyst at the Resolution Foundation, said: *London has a well-known and fully blown housing crisis, but the struggle to buy a home is just as big a problem in cities across the north of England.*
"The chances of owning a home have fallen fastest in Greater Manchester over the last decade, though the Leeds and Sheffield city areas have also experienced sharp drops.''
Mr Clarke said renters face higher living costs in the long run and find it harder to build up a nest-egg later on in life.
He said: These drops are more than a simple source of frustration for the millions of people who aspire to own their home. The shift to renting privately can reduce current living standards and future wealth, with implications for individuals and the state.
We cannot allow other cities to edge towards the kind of housing crisis that London has been saddled with.''
The new Prime Minister Theresa May has spoken of the need to tackle the housing crisis, warning that unless more is done prices will continue to rise and the divide between those who inherit and those who do not will become deeper.