Nearly half of college applicants for single public housing under the age of 30 have a very low success rate in first home ownership

Social News

Written by: Chen Jiahui

2020-01-16 07:00

It is becoming increasingly difficult for young people to set foot on the property ladder. A recent Legislative Council document shows that private property prices are high. Although the government has launched a number of housing support programs for young people, they have had little effect. The success rate of home ownership and first home purchases for people under 30 years of age is as low as 0.58%. And 1.8%. Public housing applicants aged 18-29 are more difficult to obtain flats due to the priority allocation of older applicants.

The data also shows that among those applying for public housing under the quota and scoring system under the age of 30, the proportion of those with a college degree or above has increased in recent years, from 27% in 2012 to nearly 50% in 2018.

Concerned housing groups believe that 30-year-olds generally have a certain working experience and savings, and are beginning to think about buying homes. However, fewer people can afford private housing. They believe that the government can increase the corresponding quota in subsidized housing.

↓↓ Click on the picture below to see the sale of HOS flats in 2019 ↓↓

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Private houses are expensive and difficult for young people to afford. In the waiting list for public housing, the number of applicants for single persons under the age of 30 under the quota and scoring system increased from 29,100 in 2011 to 58,100 in 2018, nearly doubling; applicants under the age of 30 Up to 73,800 people (52%), and even more than 30 years old or above.

In the waiting list for public housing, applicants for single persons under the age of 30, quota and points system, increased from 29,100 in 2011 to 58,100 in 2018, almost doubling. ﹚ Legislative Council Document Chart﹚

Public housing applicants under the age of 30 double their college degrees

However, the current maximum number of units allocated to single-person applicants is 2,200 per year and priority is given to persons over 45 years old. In addition, the authorities have increased the number of young applicants after the public housing quota and scoring system was revised in February 2015. Difficulty in assigning units. From April to September of the same year, there were no successful applications for applicants under 30 years of age. After that, the proportion of applicants under 30 years of age fell year by year, from 53.5% in the same year. 48.9% in 2018.

Among the public housing applicants under the quota and points system under the age of 30, the proportion of people with college education or above has been increasing in recent years. ﹚ Legislative Council Document Chart﹚

It is worth noting that among the quota and scoring system applicants under the age of 30, the proportion of people with a college degree or above has increased in recent years, from 27% in 2012 to nearly 50% in 2018. The Legislative Council paper pointed out that the numbers on the one hand show that educational opportunities are more popular than on the other, but on the other hand they highlight the difficulty for young people to step on the housing ladder.

The success rate of buying a HOS flat is 0.6%. The success rate of buying a green home is 1.8%.

Affordable young people will also choose to buy HOS flats that are 30% -40% lower than the market price. However, competition in HOS flats is fierce, and overbooking rates for HOS flats in recent years are often as high as dozens of times. The number of documents shows that in 2017, 49% of HOS applicants were under 30 years of age, and most were one-person applicants. However, the number of units allocated to one-person applicants in that year only accounted for 5% of the total number of units. After other applicants, of the more than 50,000 HOS applicants under the age of 30, only 297 successfully purchased the unit, with a success rate as low as 0.58%. Number of buyers under the age of 30 who bought HOS / 30 The number of applicants below is﹚.

Of the more than 50,000 HOS applicants under the age of 30 in 2017, only 297 successfully purchased flats, with a success rate as low as 0.58%. ﹚ Legislative Council Document Chart﹚

Increased ceiling on first mortgage price increases worries and burdens

The government introduced the "Hong Kong People's First Home Purchase" last year for people whose income is higher than the HOS eligibility limit, but who cannot afford to buy private property. In January 2019, Huan Ran Ju Ju received more than 20,000 applications and sold 450 units.

Although compared with HOS flats, the proportion of young buyers in first home buyers is higher (34.3%). However, of the 8,272 applicants under the age of 30, only 155 successfully purchased the unit, and the success rate was only 1.8%. ﹚ Legislative Council Document Chart﹚

Although compared with HOS flats, the proportion of young buyers in first home buyers is higher (34.3%). However, of the 8,272 applicants under the age of 30, only 155 successfully purchased the unit, with a success rate of only 1.8% (the number of buyers under the age of 30 who successfully bought the first unit / the number of applicants under the age of 30). The document also mentioned that the government recently relaxed the mortgage requirements and raised the ceiling of the property price that first homeowners can apply for a mortgage loan of up to 90% to HK $ 8 million. However, there are also opinions that higher mortgage yields may increase the burden on young people's long-term contributions .

Public Housing Association: It is not bad to have a certain amount of seniority and save 30-year-old home ownership

Recently, there is a voice in society that it is not realistic for young people to expect to buy a property at the age of 30 under the high property prices in Hong Kong. Zhao Guowei, the director of the Public Housing Federation, believes that young people aged 30 generally have a certain working experience and savings, and began to consider home ownership as "no wrongdoing". However, fewer young people can afford private housing, and the government should increase funding. In the housing, quotas allocated to singles are mostly applied to young people.

Zhao Guowei continued to point out that the majority of young people's home ownership is planning to organize a family in the future, and the average age of marriage in Hong Kong is about 30 years old. In addition, increasing the subsidized housing quota can also help young people move up.

Public Housing Fund 01 Data