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 is now much more difficult for younger generations to buy a home of their own. Successive governments have poured petrol on the housing market with policies such as Help to Buy and Stamp Duty holidays over-stimulating demand for housing without addressing the underlying need to supply more new homes.
Our latest research explains the housing crisis on a local authority level to both buy and rent. Previous IF research found that the countryside is also ageing much faster than towns and cities setting up a social-economic time bomb as our population ages in the wrong places.
We have simply not built enough new homes of all types or replace those lost through Right to Buy or to satisfy current demand. So it is time to embrace a major housebuilding programme to increase supply and address intergenerational spatial inequality. That’s why we welcome:
- New targets to build 1.6 million new homes
- New targets for the delivery of truly affordable social-rented homes
- Greater protection for renters via the Renters’ Rights Bill
- The abolish of Section 21 and ground rents
- Building on low value areas of the greenbelt.
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