Housing shortage forces under 45s to put life events on hold

July 27, 2016 by Brendan O'Neill

Property Market

According to a report by the charity Shelter, more than half of people aged between 18 and 44 have postponed significant life events, such as getting married or pursuing a career, due to problems with housing.

The latest housing phenomenon has been labelled ‘Generation Pause’ as 59% of people aged 18 to 44 have changed or postponed life changing events due to a lack of affordable housing. According to Shelter, millions of people in this age group will hit the traditional milestones at different times in their lives, in comparison to older generations.

As the value of property has risen much quicker than the level of earnings, affordability has become a problem, as many find it difficult to get onto the property ladder and others struggle to move up it. Property owners in regions with lower priced properties also find it difficult to secure employment in regions where property is more expensive. The higher property values have also pushed up the cost of renting.

The report indicates that 100,000 fewer properties are being built in the UK than are actually required. This high demand, combined with a supply shortage, is driving up property values, making it harder for people to secure a home.

Although measures have been put in place to tackle the issues, until more homes are built, it will continue to be difficult for those aged 18 to 44 to find affordable housing solutions. If you are struggling to buy a property, mortgage advisers have taken CeMAP courses, and are qualified to provide professional advice.