Up and down the country, young people are finding themselves locked out of the property market for years – leaving them with little hope of owning their own home.
The findings, from an independent report commissioned for the housing and homelessness charity Shelter, show the toll the housing crisis is taking on people across England.
Would-be first-time buyers with families could face a wait of more than a decade before they can get themselves on the property ladder. The wait rises to a staggering 14 years for single people.
These long waits for ‘generation rent’ to get on the housing ladder mean a significant shift in the way young people are living their lives and will have an impact on families all over the country, says Shelter.
Many young people will be left trapped in uncertain private renting, facing years of soaring rents, short-term lets, and unexpected letting agent fees. Others will have to live up to the reality that living with their parents – even into their mid-thirties – might be the only option left.
Shelter Chief Executive Campbell Robb said, "This research reveals the harsh reality that young people today are facing because of our shortage of affordable homes. These shocking results show that when it comes to saving up for a home of your own, things today just aren’t what they used to be.
"It’s right that people work hard and save up if they want to own a home, but the Government has to start meeting people halfway.
"Unless we see radical action to tackle our chronic shortage of affordable homes, the next generation of young people will find it even harder to find a place to call their own."
The charity has created an online calculator to show how long it takes to save up for a home in different parts of the country http://england.shelter.org.uk/campaigns/building_more_affordable_homes/a...