Young families will be unable to afford to buy homes before they reach their forties, report says
The Resolution Foundation said there are now as many young families privately renting than there are young homeowners or social renters combined
BRITAIN’S “housing catastrophe” means young families will be priced out of owning their own home until their forties, a damning think tank report reveals.
The Resolution Foundation said there are now as many young families privately renting than there are young homeowners or social renters combined.
Their report reveals the share of income British families spend on housing has trebled over the last 50 years.
The pre-war “silent generation” spent only seven per cent of their income on housing at the age of 30.
But this figure more than doubled for baby boomers, and is now almost a quarter for millennials.
Senior policy analyst Lindsay Judge said millennials were left at the sharp end having to make do with longer commutes and smaller homes.
She said: “For older generations at least rising housing costs have been accompanied by improvements in the quality and security of housing, as more families have been able to own their home.
“The big danger today is that young people are having to settle for lower quality, longer commutes and less security in order to afford a place to live, despite spending a record share of their income of housing.”
The think tank is calling for all political parties to drastically overhaul their domestic policy to address housing supply.
She added: “It is vital that all political leaders recognise the scale of Britain’s housing crisis which is placing an ever greater strain on families’ living standards, so that their response is suitably radical.”
