1 in 3 millennials may never own home, a report by the Resolution Foundation claims.
As millennials begin having families, more children may be raised in insecure, privately rented accommodation.
The government’s housing bill could balloon from £6.3 billion today to £16 billion by 2060, the think tank warned.
The report called for action to address 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 …read more
Source:: Businessinsider – Finance