Coulter, R. (2016) Family trajectories and young adults’ homeownership transitions: Briefing Paper 4 [ONS LS]
Other information: Abstract:
Between 2003-04 and 2013-14 the proportion of young adults renting privately in England rose from 21% to 48% as homeownership declined, sparking heated debates about ‘Generation Rent’(1). There are mounting fears that these aggregate trends could signal deepening housing inequality and restricted social mobility as less advantaged young people are increasingly constrained to rent privately by the financial difficulties of entering homeownership and the scarcity of social housing. This growing reliance on private renting could be particularly challenging for less advantaged young parents seeking residential stability, as privately rented accommodation is typically less secure, less affordable and more likely to be poor quality than housing in other tenures. The Generation Rent phenomenon could therefore have unequal and potentially long-term implications for the prosperity and well-being of current and future generations of young Britons.