Calls grow to tap MPF for housing as young Hongkongers’ desire to buy homes wanes
Survey finds city’s high flat prices and long-term financial burden of mortgage payments are driving declining interest
Calls have been renewed to allow Hong Kong’s young families to use part of their mandatory pension savings to buy homes, with a recent survey finding that high flat prices and large down payments have dampened their desire to own property.
The study released on Sunday also called for the government to offer housing loans to first-time buyers and to halve the down payment required for middle-income home hunters to buy subsidised sale flats.
Two policy think tanks, New Youth Forum and the Federation of Public Housing Estates, interviewed 1,073 people over the phone between March 27 and April 17 to gauge their views on home ownership.
Among them, 321 were aged between 18 and 40.
The findings showed that younger people had a weaker desire for home ownership than older residents, with an average score of 5.06 for those aged from 18 to 40, on a scale of one to 10, with 10 being the highest.
By comparison, those aged over 40 scored an average of 5.8.
For those not eager to buy homes, 46.4 per cent cited “flat prices beyond reach” as the main reason, while another 21.3 per cent did not want to face the long-term financial burden of mortgage payments.