A Tory MP has moved in with his parents so he can save for a deposit to help himself get on the property ladder.
But can you guess his wage?
William Wragg MP has said he is part of a ‘boomerang generation’ of young people unable to get on the property ladder. I feel his pain because I am struggling to save for a deposit for my own home whilst bringing my 3 children up – there is always something that eats up your savings.
However, Mr Wragg earns £74,000 a year as a Member of Parliament.
The tory MP revealed he was forced to move back into his parent’s home after discovering he was unable to afford the deposit to buy a house.
The 28 year old former primary school teacher admitted he is paid extremely well, but he wants to avoid spending his life in rented accommodation.
Mr Wragg said ”I am part of that boomerang generation myself. In a few years hopefully I will have saved up enough for a deposit. I know exactly what it is like. I have complete empathy with people in that position.”
Mr Wragg, who was elected last May’s, accepted he was paid three times as much as the average British earner, adding: “I’m extremely well paid, don’t get me wrong.”
George Osborne has pledged to deliver 400,000 new homes by the end of the decade and used the Autumn Statement to double the housing budget to £2bn a year from 2018-19.
Are you saving up to buy your own house? Would you move back in with your parents to save for your deposit? Let me know what you think…