Around three quarters of young Britons believe they are unlikely to ever own their own property and will instead rent for the rest of their lives, according to a new poll.
The Ipsos MORI survey, commissioned by Shelter and British Gas, found that for recent generations it’s a lot tougher getting that ‘forever home’ than it was for their parents’ generation.
The research, conducted amongst 1,906 people aged 25 to 34, shows a large majority wanting to live in a home for the long-term, but recognising that is unlikely as they are renting. Typical 25 to 34-year-olds have moved more than twice as frequently per year of their lifetime as pensioners.
Campbell Robb, chief executive of Shelter, says: "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 says the current housing market is “dysfunctional” with “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. The cost of buying a home just bears no relation now to what people can afford.”