Homes have become so unaffordable that thousands of young people are going to extreme lengths to raise cash to afford their first home, with many 18-34 year olds blaming the government for their generation’s failure to get on the property ladder.
A poll of over 2,300 British young people on housing issues, conducted by YouGov for the National Housing Federation, reveals that with less than 60 days to go until the General Election, there is a growing sense of dissatisfaction at Britain’s failure to tackle the housing crisis for their generation.
Nearly nine in 10 (87%) 18-34 year olds say it is difficult for their generation to get on the housing ladder in Britain, with four in ten (40%) believing government pays most attention to businesses when forming housing policies. In comparison, just 3 percent thought that the government pays most attention to 18 – 24 year olds when forming housing policies.
The National Housing Federation poll also revealed some of the ways young people are currently or considering doing to afford a deposit for a home:
- More than one in ten (12%) 18-34-year-olds – the equivalent of 1.7 million – have or are thinking of taking on a second job to raise funds for a house deposit
- A shocking one in 25 (4%) have or are considering taking part in paid medical research, suggesting how desperate young people are to get a deposit together.
- Young people are also putting their lives on hold with 2.1 million (15%) considering putting marriage and family plans on the back burner and around one in seven (14%) moving back in with parents
- One in 20 (5%) also revealed they are considering or are sharing a room with a friend or stranger with the same amount delaying or cancelling plans for further study.
The National Housing Federation also highlights that the current generation of aspiring first time buyers are considerably worse off than their parents were when it comes to their chances of being able to buy a home. Those buying in the 1990s were able to buy a property that was less than 4.5 times the average annual salary, compared to today where a property costs almost 7 times the average salary.
The average first-time buyer today needs a £30,000 deposit, almost ten times the deposit required in the early 1980s. In London and the South East, the problem is even starker, with Londoners needing a salary of over £100,000, three times the average, to afford a typical mortgage in the capital.
Television agony Aunt Denise Robertson is backing the Homes for Britain campaign, urging whoever wins the general election to end the housing crisis within a generation.
Denise said: “Every week I get bags of letters from younger people who are beside themselves with worry about how they will afford the rent and where they’re going to live. I’m passionate about this issue because I feel that for many years governments have failed our younger generation by not building enough homes.
“When I was a baby my family nearly ended up on the streets after our home was repossessed when my father’s business went bust, but we managed to secure a council house. That option’s just not open to young people today because politicians are failing young people by not building enough homes they can afford.
“I’m angry that successive governments have failed to help young people, which is why I’m calling on the next government to end the housing crisis within a generation.”
David Orr, National Housing Federation chief executive, said: “In contrast to the baby boomers’ good fortune, our children are set to be the ‘baby doomer’ generation, with opportunities for a good start in life disappearing.”
“Our polling of young people underlines the stark reality of their situation and how they feel like they are shouting into a void. They are just not being listened to by government and are left feeling completely ignored, especially when it comes to housing.”
“We are talking about where our children and grandchildren are going to live. We simply cannot afford to ignore the concerns of younger people and just accept the fact that they will be considerably worse off than previous generations. This shouldn’t be the case.”
“That’s why we are calling on the next government to produce a long term plan within a year of taking office detailing how they will commit to end the housing crisis within a generation.”
The National Housing Federation is backing the Homes for Britain campaign which brings together the entire housing world for the first time in the run up to the General Election, urging the next government to draw up a long-term plan within a year of taking office outlining how they will end the housing crisis.
On March 17, Westminster will play host to the biggest housing rally in a generation, with more than 2,500 people set to gather in Methodist Central Hall to urge all political parties to commit to end the housing crisis.