South: Romans assesses housing plight of millennials

Generation millennial (born between 1977 and 1995) will pay over £44,000 more on renting by the time they reach their 30th birthday, compared to their parents, says Romans Group.Research from The Resolution Foundation shows that by the age of 30, 63% of the baby boomers’ generation (born 1946-1964) and 60% of generation X (born 1965-1976) owned their own home.

Only 42% of today’s millennial generation own a home due to the need for significant deposits to get onto the housing ladder. The think tank research concludes that millennials spend £44,000 more on renting than the baby boomers and £25,000 more than generation X.

As more millennials turn to renting the increased demand has pushed up the cost, and therefore made it ever harder to save for a deposit.

Nevertheless, owning a home is a real possibility, says Romans, as there are several options available for first-time buyers, not least of which is the Government’s Help to Buy equity loan.

Tim Foreman, new homes director, commented: “Purchasing a newly-built home comes with many perks, including brand new appliances, up-to-date decoration, high specification and a 10-year warranty. Many developments now offer Help to Buy schemes which is a great help for first-time buyers.”