Latest generation face tough housing future
Many people may look to uproot their lives and make an overseas money transfer as a generation of Brits could be locked out of the housing market, according to PricedOut.org.uk.
Katy John, press officer for the group that campaigns for affordable houses, has said that potential first-time buyers are stuck between a rock and hard place, with unrealistic house prices on one hand and painfully high rents on the other.
"House prices remain at six times the average salary, a lack of supply contributing to poor affordability and rents set to rise by another 20 per cent over the next five years," she said, referencing figures from the National Housing Federation (NHF) research.
Ms John said that "generation rent" face limited and expensive options, compared to their parents and grandparents.
"The private rented sector remains the least affordable housing sector, and is also the least secure sector," she continued.
"However, first-time buyers are struggling to access the alternative and are unable to get a foot on the housing ladder as a result of the shortage in supply, high house prices and the requirement to save up a large deposit - made all the more difficult by low interest on savings, student loan repayments, static wages and high inflation."
The NHF recently warned that home ownership rates in the UK could fall to 1980s levels, due to a critical shortage in new-build projects.
David Orr, the chief executive of the group, bemoaned: "Despite the overwhelming need to increase supply, house building has slumped to a 90-year low, plunging the country even deeper into the mire."