UK Millennials’ Homeownership Odds Sink to 25% as 208,000 New Homes Miss 300,000 Need
Updated
Updated · BBC.com · Aug 20
UK Millennials’ Homeownership Odds Sink to 25% as 208,000 New Homes Miss 300,000 Need
3 articles · Updated · BBC.com · Aug 20
Summary
25% of Britons born in the mid-1990s own a home, roughly half the rate for people in their twenties in the 1990s.
208,000 homes were added in England last year, far below the 300,000 a year once estimated as necessary, leaving prices to outpace incomes over decades.
£150,000 homes to build in 2015 now cost about £230,000 as materials, energy and labor rose; analysts say building costs could climb another 15% in five years.
House prices have recently grown more slowly than wages, while some lenders accept smaller deposits and offer larger, longer mortgages, easing entry at the margin.
Starmer’s government is streamlining planning and allowing more green-belt building, but any supply boost is likely to take years to improve affordability materially.