South West noughties baby boomers face housing struggle as adults
Britain’s failure to build enough homes will put a colossal strain on the housing market when noughties baby-boomers in the South West begin reaching adulthood in 2020, a new report says.
Housing Britain’s Future, by the National Housing Federation, shows how a jump in births combined with a decade of insufficient house building will see millions of young people struggle with rising housing prices and rents, or be forced to stay and live with parents.
In the South West:
· Births rose by 25% between 2001 and 2011 and totalled more than604,0001
· Only around 184,000 new homes were completed in the South West over the same period – 69% less than the number of babies born.2
· First-time buyer house prices will increase by 48% by 2020.3
· Rents in 2020 will be 47% higher than they are today.4
· Across England, 3.7 million young people will be living with parents by 2020.5
The National Housing Federation’s South West lead manager Catherine Brabner says: “We failed to fix the housing market for the eighties baby-boomers because we simply didn’t build enough homes. This means that, even with decent jobs, many are now struggling to raise a mortgage deposit or pay their rent. But rather than learn from past mistakes, we’re still not building enough homes in the South West to tackle the problem.
“The situation will be even worse for the millennium children. Seven years from now the eldest will be young adults, looking for work, seeking independence and dreaming of living in their own homes. If we expect them to take over the reins and drive the country forward in an increasingly competitive global economy, we must provide them with the foundations for a bright, stable future.
“To solve this housing crisis, we need to build more of the right homes, at the right prices, in the right places. The decisions about housing are being made locally, by local councillors. But they won’t act unless people reach out and tell them they want more homes in their community.
“We need to build more homes now. The future of the country – and our young people – depends on it.”
(from a press release)
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