Young adults delaying getting married and starting a family due to affordable housing drought
Monday 12 April 2010
Four out of ten (41%) young adults will delay starting a family until they can afford to buy a new home, according to a new poll.
The YouGov survey, commissioned by the National Housing Federation, also revealed that one in four (26%) people aged between 18 and 30 said they would not get married before having their own place to move into, as young people increasingly give up hope of getting onto the property ladder.
A further 7% said they had already delayed their big day because they cannot afford to buy a home or are saving up for one. The poll questioned over a 1,000 young people who are not homeowners.
The Federation said it was a scandal people were being forced to put their lives on hold indefinitely due to a chronic shortage of affordable homes and called on all political parties to commit to protecting the housing budget when spending cuts are made after the next election.
High house prices were blamed by 63% by young people for not buying a home, with 41% also citing banks’ reluctance to offer mortgages, and uncertainty over the economy (21%) as another key factor.
A massive 83% of young people interviewed also thought their parents’ generation had it far easier when it came to buying a home – a perception backed up by hard evidence. The average first time buyers’ home costs around £135,000, over 4.2 times the average wage. In 1990, the average first time buyers’ home costs around £46,000, around 2.5 times the average wage.
And despite the recent house price crash, Britain’s love affair with housing appears as strong as ever with 42% saying bricks and mortar represented the best long term investment. Savings were a distant second 23%, followed by shares and pensions on 7%.
An overwhelming number of young adults interviewed (83%) said more homes should be built for young people and first time buyers.
The Federation, which represents England’s housing associations, said young people’s chances of getting a home were bleaker than ever after a year in which house-building slumped to its lowest level since 1923.
A record 4.5m people are on housing waiting lists in England, and rising unemployment and repossessions has further fuelled demand for affordable housing during the economic downturn.
The three main political parties should commit to tackling the housing crisis by granting housing the same 'untouchable' status as the health, education and crime-fighting and protect it from spending cuts in order to address the problem.
Federation chief executive David Orr said: “We are in danger of locking a whole generation of young people out of the housing market because prices are simply too high.
'So many people are putting their life on hold and waiting until they can start a family or get married because they can’t afford their own place.
'A chronic shortage of new affordable homes has sent prices rocketing over the last decade, well out of reach of the vast majority of first time buyers.
'Given the scale of the crisis, the three main political should give funding for the house building programme the same untouchable status as health, education and policing – and protect it from cuts.'
(All figures, unless otherwise stated, are from YouGov Plc. The YouGov survey was carried out online among 1096 adults aged 18-30 who do not own their own home. Fieldwork was undertaken between 4-8 March. The figures are unweighted.)
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