Recognising intergenerational inequality
- The number of households in the private rented sector in the UK increased from 2.8 million in 2007 to 4.5 million in 2017, representing an increase of 1.7 million (63%) households.
- Younger households are more likely to rent privately than older households; in 2017 those in the 25 to 34 years age group represented the largest group (35%).
- The latest data published by the Ministry of Housing, Communities and Local Government shows an overall increase of 22% in the number of affordable homes delivered across England in 2018/19 to a total of 57,485. However, only 66% were for rental use, compared to the 78% delivered five years ago and the 84% delivered in 2010/11.
Home ownership challenges include
- Inability to save for a deposit due to low incomes and expensive private rental market.
- Demand significantly exceeds supply.
- 6-month ASTs prevent tenants putting down roots in the community.
- Significant reduction in the delivery of affordable housing and routes to home ownership.
- Younger generation and in particular those in higher education or working in social care have low incomes and no ability to access housing market.
- Only 2% of UK housing stock consists of retirement/downsizing dwellings.
- Over the next 15-years the number of over 65s will increase by 50% to 17 million.
- The majority of new housing for the over 55s is currently located in urban areas and comprise predominantly of apartment schemes (McCarthy & Stone, etc.).
Elderly & isolated persons
- A large number of elderly people are living alone in unsuitable accommodation.
- Isolation and loneliness are growing issues and they create significant implications for health and social care services.
- Many elderly are asset “rich” but cash “poor” and would benefit from releasing equity through downsizing.