UK Housing Shortage Altering Course of Life Plans
The idea of growing up, getting married, securing a first home and then living happily for decades is the accepted convention for most. This line of thinking aligns with those who see their parents and siblings follow the same plan. Although this is an optimistic view of how life should pan out, the current issue of housing shortage is altering the path for many. The lack of housing is changing the course of life plans according to the latest research.
Those under the age of 45 are putting major events of a lifetime on hold based on new data. According to Shelter, almost 60% of the age group is putting off one or all of the major milestones of life like getting married, relocating for a new job, or beginning a family.
The immediate area that is closely examined before shortages is the rise in house prices which have paralysed many who are looking to purchase a home. The average house price in the capital city for example is more than £600,000. Combine this with the high cost of rental property and the thought of moving up to another phase of life is daunting.
The average age of a first time buyer in the UK is now 38. That number is expected to climb to 41 within the next decade based on data from London Victoria.
Campbell Robb of Shelter commented on the latest research to surface, saying: “Everyone deserves the chance to have a home where they can put down roots and build a life for themselves.”
“But our ever-growing housing crisis means millions of young people are being left behind – unable to reach many of the crucial life milestones that were taken for granted by the generations who came before them.”