Housing options for Millennials

The Resolution Foundation’s recent publication, “Home improvements: action to address the housing challenges faced by young people”, highlighted their aspirations to own a home of their own are still high despite large rises in house prices and falling ownership rates.

The report notes that twice the number of Millennials (people born between 1980-1996) were still in rented accommodation at the age of 30, compared to Generation X (people born between 1965-1980).

We believe that this report shows there is a very strong case for supporting the Mix housing model, which specifically targets people on lower incomes so that they can own a home of their own.

In a recent bid for a site that would provide for 100% of the homes to be sold as affordable, we were able to allocate 7.5% of the development to people on incomes below £25,000 pa and a further 13% to people on incomes below £35,000 pa, a unique offer in the housing market.

References
Up to a third of millennials “face renting their entire life” by Kamal Ahmed Economic Editor of the BBC
Home improvements: action to address the housing challenges faced by young people by Lindsey Judge and Daniel Tomlinson of the Resolution Foundation