Young people are finding themselves locked out of the property market for years – leaving them with little hope of owning their own home.
In an independent report commissioned for Shelter, would-be first-time buyers with families could face a wait of more than a decade before they can get themselves on the property ladder. The wait rises to a staggering 14 years for single people.
Shelter has created an online calculator to show just how long it will take to save up for a home in different areas of the country.
These long waits for ‘generation rent’ to get on the housing ladder mean a significant shift in the way young people are living their lives – and will have an impact on families all over the country.
Many young people will be left trapped in uncertain private renting, facing years of soaring rents, short-term lets, and unexpected letting agent fees. Others will have to live up to the reality that living with mum and dad – even into their mid-thirties – might be the only option left.
Shelter Chief Executive Campbell Robb said: ‘This research reveals the harsh reality that young people today are facing because of our shortage of affordable homes. These shocking results show that when it comes to saving up for a home of your own, things today just aren’t what they used to be.
‘It’s right that people work hard and save up if they want to own a home, but the Government has to start meeting people halfway.
‘Unless we see radical action to tackle our chronic shortage of affordable homes, the next generation of young people will find it even harder to find a place to call their own.’