These figures show how young people are being priced out of the housing market

The number of young people buying houses in the UK fell to a record low of 3% of sales in June.

This compares with last August, where 12% of buyers were aged 18-30.

August 201312%
October 20138%
December 20135%
February 20147%
April 20146%
June 20143%

 

 

 

 

 

 

 

The National Association of Estate Agents, which carried out the research, said big deposits, stamp duty and, in particular, new borrowing rules were responsible for the drop in young people buying property.

In April, the Financial Conduct Authority introduced new rules meaning those applying for mortgages have to provide more evidence than previously and now face vigorous questioning to make sure they can afford monthly payments.

The rules can also block buyers for borrowing more than 4.5 times their annual salary, however, the average full-time worker in their 20s now needs to borrow 10 times their salary to afford the average property which costs more than £200,000.

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