People who cannot get onto the housing ladder, those from ‘Generation Rent’, will be much worse off financially than those who do, according to research from housing charity Shelter.
Those in the south-west could find themselves over £600,000 worse off than those who manage to get onto the property ladder over the course of their lives.
There are similarly shocking results from the Yorkshire area, where families are on average just under £500k worse off if they can’t get a deposit and mortgage together to buy a home.
Furthermore, those in this area who use a deposit lent to them from the bank of mum and dad, or from another relative/source other than a bank, are likely to be better off to the tune of £88,700 than those who save for a deposit themselves.
Accordingly, the charity has called for whoever forms the next government after the impending general election to commit to producing more affordable homes to try and push the prices back down into the reach of the millions of young people struggling.
With the new Help to Buy Isa announcement, it seems like the government is trying to address the issue, it has been criticised for it will only heat up the housing market.
Instead, affordable homes need to be built to make them more available to people. Chief executive of Shelter, Campbell Rob, said: “The housing shortage is changing the face of our nation, with dramatic consequences for an entire generation finding themselves priced out and losing out.
“The failure of successive governments to build the affordable homes we need means that, for the first time in over half a century, millions of young people today face worse prospects than their parents.”