Third of Millennials face renting for their entire lives and never own their own homes
Four times as many Millennials are renting privately at thirty than Baby Boomers were at the same age
UP to a third of millennials face never owning their own home and will have to rent all their lives, a damning housing crisis report reveals today.
The Resolution Foundation think tank said that around half of 18 to 36-year-olds currently rent.
In a major generational shift, four times as many Millennials are renting privately at thirty than Baby Boomers at the same age.
If the pattern of the 2000s continues, the same number will be in social housing or private lets in their 40s.
And it claims that a third — equivalent to 4.6million people — will still be renting by the time they become pensioners.
Lindsay Judge, the Foundation’s senior policy analyst, called for radical reform of the private sector and for more affordable homes to be built urgently.
She said: “Britain’s housing problems have developed into a full-blown crisis and young people are bearing the brunt.
“They are paying a record share of their income on housing in return for living in smaller, rented accommodation.
“We have to improve conditions for the millions living in private rented accommodation.
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"That means raising standards and reducing the risks associated with renting, through tenancy reform and light-touch rent stabilisation.”
Housing charity Shelter revealed earlier this year just 41,500 of the 184,000 homes built last year were affordable.
A poll for the charity found affordable property is now a top-three priority for 31 per cent of Brits.
A new research also found that one in five homes “earnt” more than their owners over the past two years.
RENT RIGHTS From taking photos to THIS contract clause, the 5 things you need check before signing a tenancy agreement
Properties in Barnet, North London, rose in value by £106,896 over 2016 and 2017, almost double salaries there.
From signing tenancy agreements, to saving up for a deposit, The Sun Online asked some experts to help explain what to look out for before you move into your new home.
Here we round up the best ways to protect your interests before taking on a new home.
Getting onto the property ladder can feel like an almost impossible task for any first-time buyer.
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a grim task but there are schemes out there to help first-time buyers own their own home.
Help to Buy ISA - It's a tax-free savings account where for every £200 you save, the government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move.
Help to Buy equity loan - The government will lend you up to 20 per cent of the home's value - or 40 per cent in London - after you've put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime ISA - Another government scheme that gives anyone aged 18 and 39 the chance to save tax-free and get a bonus of up to £32,000 towards your first home. You can save up to £4,000 a year and the government will add 25 per cent on top.
Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you're restricted to specific ones.
"First dibs" in London - London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative - A government scheme that will see 200,000 new-build homes in England to be sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest
But this London lad bought a £135,00 three-bed house with his girlfriend at just 18. Here's how he did it.
Meanwhile, single girl Louise Blissett managed to get on the property ladder despite only having £10,000.
A young woman also told the Sun Online how she managed to purchase her first home just weeks after she turned 20.
-A previous version of this article reported that home ownership had fallen by 80 per cent; this has been removed as the report from the Resolution Foundation did not include that claim. The article has also been amended to make clear that the figure of four times as many Millennials renting at thirty, compared to Baby Boomers at the same age, refers to private renting only and does not include social housing.
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