These are the latest statistics to come out from Shelter, emphasising the growing housing crisis for thousands of 20-34 year olds in England. This phenomenon is being dubbed ‘the clipped wing’ generation. This age group have been given many names, first, it was the millennials for being born during the millennium, generation Y to precede generation X, then they were dubbed ‘always on’ for the now technology centric community and now it’s less about the exciting future and all about the worrying of now. With this kind of migration taking place, there’s no truer indication of the severity
Shelter have investigated the problem that many young people are faced with and have found that it is not just high and rising monthly rents that are troubling. They have called for letting agency fees to end after finding that 1 in 7 renters using an agency paid £500+ in fees. This extortionate amount is simply unacceptable in the face of extremely high existing rents costs. It is apparent that the rent game is an unfair one and the latest findings show no sign of it stopping.
Not only are prices crippling young adults in their quest for independence, but the lucky few that reach this stage are met by substandard living conditions. Incredibly, a third of private rental properties are not up to a good living standard with faulty appliances or unfixed damages. However, the majority of renters are reluctant to complain in fear of being evicted by their landlord.
What has been a normal path to grow up, sprout your proverbial wings and leave the family nest, may be a thing of the past. As 20% of working people in this age group have moved back to their family home in the last 12 months after living independently.Residential property prices are also on the rise and are largely to blame, with half of the 4,000 people surveyed indicating this as the main reason preventing them from moving out and still living at home with parents.
Self-build projects are appearing like a gradually more viable option for not-on-the-ladder property buyers. Although these projects carry heavy risks, they are much more cost effective than traditional construction projects prices.
Shared living arrangements are also practical choices for young people looking to move out quicker and pay less through splitting rent with other people. It is reminiscent of student housing, which a lot of young adults may hasten to get away from after university life. But if you find friends that are able to join you on a shared living arrangement then it can be a better experience.
The government are preparing for their next spending review in late November which will be their last chance to give hope back to a generation that are in desperate need of a helping hand onto the property ladder. George Osborne and co. could provide some much needed respite by deciding to invest in realistically affordable housing that will meet the challenges of today’s housing shortage.