Liam Fox’s claim that leaving Europe would help people get on the housing ladder is fantasy.
A vote to leave will destroy young people’s hopes of getting on the housing ladder. Housing affordability depends on your ability to build up a deposit, and afford a mortgage.
Economic experts agree that leaving Europe and the Single Market would damage our economy, with the Bank of England and the IMF saying that it will lead to a recession. Leaving Europe would hit young people the hardest, with a wrecked economy risking jobs and higher prices.
A recession hits first time home buyers hard, as it makes it riskier for banks to lend and tightens credit conditions.
Tim Farron, Leader of the Liberal Democrats, commented:
“A vote to Leave Europe will destroy young people’s hopes of getting on the housing ladder. People have legitimate concerns about immigration but these are not going to be answered by wrecking our economy – risking job losses and higher prices.
“Leaving would mean fewer jobs, higher prices and lower pay, making deposits harder or impossible to build up. And it means higher mortgage payments making first time loans less affordable.
"First time buyers are better off in Europe and leaving would be a leap in the dark leaving young people worse off."