Around three quarters of young Britons believe that they will live in the private rental sector for the rest of their lives, as it is unlikely they will ever own their own home.
A study by Ipsos MORI, commissioned by Shelter and British Gas, revealed that it is much more difficult for young people today to buy a home than it was for their parents’ generation.
Three Quarters of Young Brits Believe They’ll Live in the Private Rental Sector Forever
Yesterday, we revealed that it takes a single person 13-and-a-half years to save a 15% deposit for a home, while Londoners face a whopping 46 years of saving.
Of 1,906 people aged between 25-34, a large majority wish to live in a home for the long-term, but realise that this is unlikely as they are renting. The average 25 to 34-year-old has moved more than twice as frequently per year as pensioners.
The Chief Executive of Shelter, Campbell Robb, comments on the findings: “The fact that vast numbers of people fear their grandchildren will never have a home to put down roots in highlights the sad truth that this country is once again at the mercy of a housing crisis.
“While we have made progress over the last 50 years, our current housing shortage means millions are facing a lifetime of instability and, understandably, people are giving up hope. But if our history tells us anything, it’s that together we can make things change.”
He adds: “You have graduates starting on £40,000 to £45,000 in London, and they don’t take the jobs because they can’t afford to live in London or can’t afford to buy because it is so expensive.
“We are seeing a generation of people now in their 50s or 60s who are looking at their children, and their children will be worse off than they are. That is the first generation since the Second World War that we seeing that happen to, and that is primarily because of the housing market.”1
These statistics arrive as the cost of housing goes up even more; Rightmove recently reported that the average house price is now over £300,000, with house price inflation standing at 50% for the past ten years, while wages have only risen by 22%.