Housing is the most visible form of intergenerational unfairness in the UK today. While older generations were able to buy houses when prices were low and have seen those values explode, today’s younger generations face house prices of more than 12 times average incomes in London and over 7 times average incomes outside London. It… Read more »
Term: Housing
While older generations were able to purchase homes for three or four times their annual income, today people looking to buy a home will typically be expected to pay seven or eight times their annual income. It’s not just for younger generations trying to get on the housing market that this intergenerational unfairness is an issue. For many younger people, renting is the only alternative, and house price inflation means millions of young people are paying billions of pounds in rent every year to landlords who benefited from being able to afford to buy a home.