The majority of Briton’s believe younger generations bear little responsibility for being unable to buy a house, according to a YouGov study conducted last summer comparing cross-generational opinions on the issue.
Just 10% of survey respondents said young people bore significant responsibility for not being able to afford a home of their own, while 19% considered the responsibility to be moderate, and 28% said they carried little responsibility.
However, just 4% of adult Gen Zs (those born between 1997 and 2012) said older people held no responsibility for rising house prices, while 18% said they held a small amount of responsibility.
Up to 31% of baby boomers, those born between 1946-1964, said their generation had nothing at all to do with rising house prices.
Xpress Mortgages mortgage and protection advisor Rachel Lummis, tells Mortgage Strategy: “I don’t think we can point the blame at younger or older generations for unaffordable housing.”
“There are many factors that have played out meaning house prices are at record highs and out of reach and unaffordable for some would-be first time buyers.”
According to Lummis, a “perfect storm” of low interest rates, robust demand, lack of stock, and lack of new build homes, means younger generations struggle to purchase a property of their own.
“And we can put some blame on the growth of buy-to-let over the last 25 years,” she adds.
Lummis says innovation in the buy-to-let mortgage space has made it tougher for first-time buyers, many of whom seek financial assistance from family to buy their first property.
For those without a buffer in place, saving, getting a second job and perhaps going without is what is required for many to put down a deposit, she says.
“It will take a lot more than giving up coffee and Netflix.”
