Proportion of 25-34-year-old couples that own their own home has more than halved

[Tony Gosling]

Millennial housing crisis engulfs Britain

Figures showing problem is not confined to London 
raise concerns about inter-generational fairness

<https://www.theguardian.com/society/2018/apr/28/https://www.theguardian.com/profile/michael-savage>Michael 
Savage Policy Editor

Sat 28 Apr 2018 21.30 BSTLast modified on Sun 29 Apr 2018 08.19 BST
https://www.theguardian.com/society/2018/apr/28/proportion-home-owners-halves-millennials
<https://www.theguardian.com/society/2018/apr/28/https://www.theguardian.com/society/2018/apr/28/proportion-home-owners-halves-millennials#img-1>
Houses in Glastonbury
<https://www.theguardian.com/society/2018/apr/28/https://www.theguardian.com/society/2018/apr/28/proportion-home-owners-halves-millennials#img-1>
  The proportion of families headed by a 25- to 
34-year-old that own their own home has more than 
halved in some regions. Photograph: Matt Cardy/Getty Images

Home ownership among young families has plummeted 
across every corner of Britain over the past 35 
years, according to a devastating inquiry into 
the 
<https://www.theguardian.com/society/2018/apr/28/https://www.theguardian.com/cities/series/uk-housing-crisis>housing 
crisis facing millennials.

The proportion of families headed by a 25- to 
34-year-old that own their own home has more than 
halved in some regions, showing that the crisis goes far beyond London.

Analysis conducted as part of a two-year 
investigation into intergenerational fairness in 
Britain, chaired by a former Tory minister, found 
that millennials are being forced into 
increasingly cramped and expensive rented 
properties that leave them with a longer commute 
and little chance of saving for a home. It also 
finds an increasing proportion of the young living in overcrowded housing.

The commission, which has been overseen by the 
<https://www.theguardian.com/society/2018/apr/28/https://www.resolutionfoundation.org/>Resolution 
Foundationthinktank and includes the former 
universities minister David Willetts, is expected 
to conclude that new taxes on property wealth may 
be the only way to restore fairness and prepare 
the country to pay the care and support costs of an ageing population.
[]

Ownership among 25- to 34-year-olds has plummeted 
in Greater Manchester from 53% in 1984 to 26% 
last year. It has fallen from 54% to 25% in south 
Yorkshire, from 45% to 20% in the West Midlands, 
from 50% to 28% in Wales and from 55% to 27% in 
the south-east. In outer London, the proportion 
has collapsed from 53% to just 16%. Out of 22 
regions analysed by the commission, in only one – 
Strathclyde in Scotland – has home ownership 
among the young remained stable. It stood at 32% 
in 1984 and 33% last year, having peaked at 45% in 2002.

Ownership in London has fallen consistently over 
the past 30 years, whereas rates in some other 
parts of the country declined more slowly before 
the early 2000s, but very rapidly thereafter.

Even favourable economic conditions are likely to 
result in millennials catching up with the home 
ownership levels of the previous cohort only by 
the age of 45. Fast-growing inheritances will 
help some, but nearly half of young 
non-homeowners have parents who do not own either.

Millennials, classed as those born between 1981 
and 2000, are half as likely to own a home at the 
age of 30 as baby boomers because of higher 
prices, low earnings growth and tighter credit 
rules. In the 1980s it would have taken a typical 
household in their late 20s around three years to 
save for an average-sized deposit. It would now 
take 19 years, the analysis shows.

Almost two-fifths of millennials rent privately 
at 30, double the rate for Generation X, born 
between 1966 and 1980, and four times the rate 
for baby boomers – born after the war until 1965 – at the same age.

Millennials are now spending an average of nearly 
a quarter of their net income on housing, three 
times more than the pre-war generation, now aged 70 and over.

Their living space is also declining. Each person 
living in the private rented sector now has on 
average eight square metres less space than they 
did in 1996. Meanwhile, those who own their own 
homes enjoy an extra four square metres each. 
Since younger households are more likely to be 
private renters than owners, they now have less 
space on average per household member. Just under 
one in 10 households headed by millennials in 
their late 20s now live in overcrowded conditions.

They are facing longer commutes than older 
generations endured. If current differences 
continue, millennials will spend almost three 
full days more commuting in the year they turn 40 
than the baby boomers did at the same age.

The Resolution Foundation says that a combination 
of an ageing population and an increased demand 
for services which governments are committed to 
deliver means that welfare spending looks likely 
to increase very substantially in the coming decades.

It says that one way of addressing some of the 
generational implications of tax rises would be 
to change the age profile that these additional 
revenues are drawn from. The tax treatment of 
property and pension wealth may also have to be considered.

Under a pessimistic scenario of future home 
ownership, based on trends seen in 2002 to 2012, 
less than half of the oldest millennials would 
own a home by the age of 45, compared to more 
than 70% of baby boomers at that age.

Torsten Bell, director of the Resolution 
Foundation, said: “The need to renew our 
intergenerational contract is clear and urgent, 
but doing so is far from easy. It requires new 
thinking and tough trade-offs – from how we deal 
with the fiscal pressures of an ageing society in 
a way that is generationally fair, to how we 
deliver the housing young people need while 
respecting the communities everyone values.

“We need our political leaders to rise to this 
challenge with an appeal to all generations. We 
can deliver the health and care older generations 
deserve without simply asking younger workers to 
bear all the costs. We can do more to promote 
education and skills, especially for those who are not on the university route.

“We can provide more security for young people, 
from the jobs they do to the homes they rent. And 
we can show younger generations that owning a 
home is a reality, not a distant prospect in 21st-century Britain.”

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