13th March 2015
Young people are being forced to take second jobs and even considering taking part in medical trials in order to get a foot on the UK property ladder.
Research by the National Housing Federation (NHF) has revealed the lengths some people will go to in order to save up a deposit.
A poll of 18 to 34-year-olds showed nine in 10 think it is difficult for their generation to get on the housing ladder and four in 10 believes the government pays the most attention to businesses when forming housing policies.
In order to become homeowners one in 10 in this age group – or 1.7 million people – have or are thinking of taking on a second job to raise funds for a deposit. Shockingly, 4% are thinking about taking part in medical trials.
Inability to afford a home is also putting young people’s life plans on hold, with 15% – or 2.1 million – putting plans for marriage and a family on the back burned until they buy a property and 14% are considering moving back in with their parents.
A total of 5% are considering sharing a room with a friend or stranger to keep costs down in order to save.
The NHF said today’s first-time buyers are considerably worse off than their parents were when it comes to buying a home. Those purchasing their first property in the 1990s were able to buy a home that was less than 4.5 times the average annual salary, compared to today where a property costs seven times average salary.
The average first-time buyer today needs a deposit of £30,000, 10 times what was needed in the 1980s.
In London and the South East that problem is magnified, with deposits of £100,000 needed.
David Orr, NHF chief executive, said: ‘In contrast to the babyboomers’ 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.’
He added: ‘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.’
Orr is calling for the next government to product a long-term plan within a year of coming to office that details how it will end the housing crisis within a generation.