One in three UK millennials will never own a home

It’s not just millennials. A large section of Generation X, usually from poorer backgrounds, haven’t and now can’t buy a home of their own. Me included.

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3 responses to “One in three UK millennials will never own a home

  1. Photobooth Journal 20/04/2018 at 6:53 am

    Australia used to be 15 to 20 years behind the UK in social trends. Now we are in lockstep with you, sadly in all the negatives. Home ownership rates have plummeted here, too, and it also looks very bad for millenials and x-ers. At least in the UK there are robust protections for renters. Not here. Oh, wait. Don’t tell me! Your politicians are eroding those rights as fast as they are eroding the NHS. I wouldn’t be at all surprised if that were true. I hope it isn’t.

    • Darrin Nightingale 20/04/2018 at 7:35 am

      The housing market in this country is brutal. There is no “robust protection for renters” in this country. Private renters are exploited at every level. A parliamentary bill to ensure that property should be fit for human habitation was voted down by the Conservative Government (many of whom are landlords) because it presents too much of a financial burden to landlords. Systematic policy decisions by successive governments have turned council housing into crisis housing. If you can get a council property at all you have certain rights (that have been and are being eroded) but private sector is the wild west. Finding a property that is secure and affordable is very difficult. In most cases you have to pay an agent to get access to a property. They will do all kinds of background checks on you. There are no checks on landlords of any kind. You have to pay the agent a fee. Then you pay a deposit of a months rent, and a months rent in advance. Then pay “market” rent. On a £1500 a month 2 bedroom flat, that’s be the best part of £3500, up front. Plus moving fees. I know one couple who had their rent put up 40% over night. They had been in the property for a while with little or no increase. The new landlord wanted to bring this property in line with other property they owned. The couple moved on because they couldn’t afford the increase. Tenancies are short term for the most part which means you have to move frequently. There is also annual rent increases, plus addition renewal fees from the agent for increasing your rent “as standard”. The other thing is rents are so high that it leaves nothing to save. This impacts your ability to buy. The last property we rented was sold by the landlord for just over £500000. Building societies are demanding 30% deposits. That means you would need to find a deposit of £150000. In the end people survive but are unable to thrive. 🙂

      • Photobooth Journal 20/04/2018 at 7:46 am

        Thanks for the expansive reply, Darrin. I lived in London (as a border) and Leicestershire as a renter but only for two years. In the late eighties I was impressed with the tenancy rights compared to Australia but it sounds like things have changed a LOT since then. All my friends had long leases of at least five years. One had been in her flat for a while and due to the date she moved in, had fixed rent for the foreseeable future. Another was paid to leave a property she had been in for ten years. It was enough to allow her to buy her own flat. Our politicians let us down again and again. Is democracy really any better than a communist or any other type of regime? I doubt it more and more. Corruption and self interest trumps community welfare in most countries and in most systems, it seems.

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