Generation Y is in need of more housing options and build-to-rent could be the solution to the UK’s housing shortage.
- Many younger people in the UK are moving homes more frequently and feel they are far less likely to own their own property than any generation in the past
- Shelter is hosting a debate on what home means to people
- Build-to-rent accommodation is set to totally change perceptions of renting accommodation and lifestyles
Three-quarters of Generation Y do not believe they will ever own their own home.
New research by the housing charity Shelter has revealed the shortage of suitable housing in the UK has led to 74% of people in younger Generation X and Y thinking it is more difficult to own a home than it was for their parents’ generation. This figure compares with 44% of people born in the baby boomer or pre-war years.
Chief Executive of Shelter Campbell Robb said: “While we have made progress over the last 50 years, our current housing shortage means millions are facing a lifetime of instability and, understandably, people are giving up hope. But if our history tells us anything, it’s that together we can make things change.
“For the sake of future generations we cannot make this crisis someone else’s problem.”
Although many people in Generation Y still harbour ambitions to buy their own property, more people than ever before want to rent and actively prefer the flexibility and lifestyle it provides. The research showed 25 to 34-year-olds move twice as frequently as older generations have.
This significant portion of young people are finding that the current accommodation options in the UK’s private rented sector are not suitable for their housing needs. They are often left with no choice other than to rent in old-fashioned residential properties owned by amateur landlords – the standard of which can vary greatly.
More modern build-to-rent properties – homes purpose-built for this new market – are now replacing this antiquated private rented model and help this new generation to live the lifestyles they want, while ongoing standards are maintained by professional management companies.
Shelter has invited people to join the Great Home Debate by sharing their views on “what home means to them” at www.greathomedebate.org.uk.