Resolution Foundation warns one-third of millennials will never own a home
17-04-2018 12:22
One-in-three millennials will never own a home, according to a report from the Resolution Foundation, that has found that Britain's youth could continue to live in rented accommodations for the rest of their lives.
Since home ownership is often out of reach and the options in the social renting sector are highly constrained, young Britons regularly turn to private rentals, with four-in-ten continuing to do so by the age of 30.
The report has called for regulations on private rentals to ensure households renting privately with children, a number which has tripled since 2004, can have stable homes where landlords can't demand tenants vacate the property on short notice if they wish to reoccupy the house.
In other countries, indeterminate leases are the norm, balancing the needs of both tenants and landlords, just one of the measures proposed by the Resolution Foundation's report.
Although just 65% of young people prefer to own their own home one day given the ability afforded to the household by building up an asset, increasing security and reducing housing costs as they age, recent hikes in housing prices, costs and deposit requirements can sometimes make owning a home a hard task.
On the other hand, 32% of housing stock is owned by people who can be considered "overhoused", meaning they own more than one property they don't use, something the report demands should leave their owners taxed accordingly.
