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<p>Over the last twenty years, the proportion of under 40 year olds who own their
home has fallen by over a third from 61% to 38%, and the average house price to earnings
ratio for successful first time buyers is now 4.3 compared to 2.7 in 1993.</p><p>The
Government is determined to change this and ensure that more young people can afford
to buy their own home. That’s why we are committed to building 200,000 starter homes
to provide affordable homes for purchase with a minimum 20% discount for first-time
buyers under the age of 40.</p><p>Starter homes are an important innovation to improve
the level of home ownership in this age category.</p>
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