Belfast Telegraph

One third of millennials 'could still be renting by the time they claim their pension'

By Vicky Shaw

Up to half of the millennial generation could still be renting in their 40s and a third could be "retiree renters", a report warns.

The Resolution Foundation think-tank said that if home ownership growth in Britain follows the "weak pattern" of the 2000s, up to half of millennials born between 1981 and 2000 could be renting either privately or in the social rental sector in their 40s, and a third could still be renting by the time they claim their pensions.

The foundation said radical reform is needed to make the private rental sector fit for raising children and retirement "because a generation of young people face the prospect of never owning their own home".

In a report published by the Resolution Foundation for its Intergenerational Commission, it said policy has failed to catch up with the fact that bringing up children in the private rental sector has become mainstream.

Private renting has grown rapidly in recent decades, the Home Improvements report said.

At age 30, four in 10 millennials live in this way, double the rate at the same age for generation X - the generation above millennials - and four times that for baby boomers born in the 20 years after the end of the Second World War.

A record 1.8 million families with children rent privately, up from just 600,000 15 years ago.

Belfast Telegraph

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