Despite the recent government policy changes, intergenerational inequality still means people in their thirties will be looking at the generation above believing they have been hoodwinked out of numerous benefits their parents enjoyed, including higher levels of home ownership, lower living costs and access to the most generous pension schemes.
The findings of the Institute of Fiscal Studies’ recent report highlight numerous inequalities facing families and individuals today and urgent action must be taken.
The housing supply crisis in the UK is particularly severe and is feeding a lack of housing affordability. With the UK population growing and demand for homes on the up, we urgently need to address this issue with innovative housing solutions, such as rent-to-buy models backed by institutional investment, which unite the public and private sectors and address the housing crisis at no additional cost to the public purse.
We have been watching the government’s starter homes policy closely and are delighted that housing minister Gavin Barwell has indicated that this will have a broad definition which includes tenures other than home ownership.
If we are to start to close the intergenerational wealth gap and address issues of housing supply and affordability we need the government to stay on course and deliver a housing strategy with a range of solutions to suit the needs of as many people as possible. Immediate home ownership is not an affordable or feasible option for everyone.
Richard Connolly, CEO, Rentplus