Even £74k/year Tory MPs are having to move back in with parents to save up for a house

A Conservative MP has said that he has moved back in with his mother and father because he cannot afford to buy a house.

William Wragg, 28, earns £74,000 plus expenses as MP for Hazel Grove and is entitled to House of Commons expenses to cover the cost of renting a second home in London, as well as office space.

Despite being, by his own admission, “paid extremely well” he has moved home to live with his parents in the North West, to save for a deposit.

Mr Wragg, who earns over two and a half times the average national salary, said on ITV’s The Granada Debate:

I am part of that ‘boomerang generation. 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.

Our hearts bleed.

Labour housing spokesman John Healey said:

He is part of a generation for whom home ownership is in freefall.

This is a generation of people who are often on good middle incomes but who still find the dream of home ownership is out of reach.

A million more people became home owners under Labour, but since 2010 the numbers have fallen by 200,000.

HT Evening Standard