One in three millennials may never own a home from the cradle to the grave, say the Resolution foundation, who call for action on Britain's housing crisis.
LONDON — One in three UK millennials may never own a home from the cradle to the grave, a new report by the Resolution Foundation has said.
The independent think tank warned on Tuesday that if current trends continue, 33% of millennials could still be renting when they retire and up to half may not own a home during their forties.
The figures could mean many more British children being raised in more insecure privately rented accommodation as millennials begin to have families.
Lindsay Judge, a policy analyst at the Resolution Foundation, said: "Britain’s housing problems have developed into a full-blown crisis over recent decades and young people are bearing the brunt – paying a record share of their income on housing in return for living in smaller, rented accommodation."
The government's housing bill could balloon from £6.3 billion today to £16 billion by 2060 as a result of an ageing population and more retirees renting.
The report called for radical reform in the private rented sector to make it fit for housing purpose. The Resolution Foundation's recommendations include: