Third of Millennials face renting for their entire lives and never own their own homes

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.

"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.

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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