Wednesday, June 13, 2012

The future is here

UK housing shortage turning under-30s into 'generation rent'

More than 1 million young people will be "locked out" of home ownership in eight years' time, making up a generation that is "increasingly marginalised" and renting due to the lack of houses, a study warns. The Joseph Rowntree Foundation says that by 2020 the number of home owners under the age of 30 will fall from 2.4 million to 1.3 million, a drop of 46%. The foundation also predicts that by then 400,000 vulnerable young people could be "excluded completely", unable to afford either to rent or buy accommodation. Signalling a widening intergenerational gap, the report warns that many young people who today might expect to get on to the housing ladder will in future find they cannot buy a home.

Posted by drewster @ 12:17 AM (4549 views)
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19 thoughts on “The future is here

  • A situation brought about by deliberate design.

    I predict a riot.

    Again.

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  • Once the whole country is renting the country will become more efficient like Germany?

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  • happy mondays says:

    Paul, i predict a riot again… Yes with the current systems in place, i feel some angst among st the people.. Maybe some demonstrations at the Olympics..

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  • Because those 30 year olds are being taxed to the hilt to bail out banks and prop up inflated house prices. Meanwhile they are not having enough children to fund their pension. This is a total disaster and verging on genocide. We only have a few basic needs, shelter, food, etc.

    How does it feel to fund your own prison and serfdom? Because they couldn’t do this without your acquiescence.

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  • mark wadsworth says:

    The more renters there are, the more potential votes for the Young People’s Party, so see if I care.

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  • Debate running on Radio 5 Live right now with Victoria Derbyshire on this particular topic

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  • Personally I have got so pissed off with it that I am moving to Ireland today.

    Good luck UK 😉

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  • Best of luck khards hope it all works out for the best

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  • Thanks Jack, I will still be posting here. I’m off to Galway, there is plenty of IT work and the houses are reasonable compared to the UK. The people seem friendlier, the pubs are busier, there are less NIBMYS.
    Ireland is not far, if it doesn’t workout I can just catch a boat and be back in the UK in a few hours. The trouble is there is nothing to come back to in the UK, that’s why I am leaving.
    I might come back if property drops around 50%, however I am not holding my breath.

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  • mark wadsworth says:

    C’mon Khards, how about a few gory details? Renting, buying, what, how much?

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  • sibley's b'stard child says:

    Fair play to you Khards, good luck in Eire.

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  • I was going to buy a 5 bed detached house that needed some work doing, it was €75,000.

    In the end I decided to rent €700/m 15 mins from the city as we are new to Ireland and we didn’t know Galway particularly well. The house we are going to rent is a 4 bed detached bungalow in a nice area.

    Generally compared to the UK it looks like our quality of life is going to be greatly improved.

    Housewise:
    9 miles from Galway
    11 miles from Galway

    Many people complain about the rain, however it is no worse than Cornwall where I grew up.

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  • “Jack Dromey, the shadow housing minister, said the predicament of young people arose from the government’s austerity drive.”

    O’rly? Nothing to do with the last administration then? I doubt that any political party is interested in reducing people’s accomodation costs.

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  • @Khards

    Good luck and do let us know how you get on with this project. Perhaps if things look good in Eire, we could start a community of HPC expats? (I’m sure the locals would be thrilled. Not.)

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  • mark wadsworth says:

    Khards, thanks, sorry to be so nosy, that looks FLM to me. Best of luck!

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  • orcusmaximus says:

    Khards – looks fantastic. Hope it all goes well.

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  • happy mondays says:

    Good luck Khards..

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  • Cheers guys. I will keep everyone updated.

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  • TBH, how many 18-30 year olds could afford to buy property in the ‘golden days’ anyway, I certainly couldn’t.

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