Housing is a major source of intergenerational unfairness in the UK today. Many members of the baby boomer generation were able to buy houses when prices were low. The value of those houses has exploded since, making it much more difficult for younger generations to buy a home of their own. For several decades, house… 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.