Up to a third of people born between 1980 and 1996 face living in rented accommodation their entire lives.
That’s according to a new report from the Resolution Foundation that highlights the difficulty of getting a foot on the housing ladder for the younger generations.
The think tank claims that 40% of the so-called ‘millennial’ generation were living in rented accommodation by the age of 30. This is double the amount from the previous generation (generation X) that were born between 1965 and 1980.
It is also four times that of the baby boomers, who were born in the 20 years after the Second World War.
The report goes on to claim that as many as a third of millennials are still likely to be renting by the time they retire, painting a gloomy picture for 20- to 35-year-olds who do not yet own their own home.
Young People Bearing The Brunt Of The Housing Crisis
“Britain’s housing problems have developed into a full-blown crisis over recent decades and young people are bearing the brunt,” said Lindsay Judge, the senior policy analyst at the Resolution Foundation.
“If we want to tackle Britain’s ‘here and now’ housing crisis we have to improve conditions for the millions of families living in private rented accommodation.
“That means raising standards and reducing the risks associating with renting through tenancy reform and light touch rent stabilisation,” she said.
The news comes shortly after reports that the number of first-time buyers is on the rise, indicating that the uplift may actually have been caused by older generations finally getting on the ladder.
It also adds further fuel to the debate around the Governments attempts to create affordable housing, with this report suggesting more still needs to be done.
It’s not all bad news though, landlords across the country are likely to welcome the news that more and more people will be renting for the majority of their lives!