Reports continue to show how young people suffer from increased competition for jobs, and reduced pay compared to previous generations. This housing crisis is not new, and has the most damaging effect on young people financial availability to afford new homes.
The International Foundation had found a disparity between where young people and the older generation live. For instance since 1991, the number of cities that contain mostly over 50s, has increased sevenfold. Whereas, young people do not have the financial resources to live anywhere but inner cities. This is at the period where young people can no longer afford to buy their own homes, but rent accommodation. Young people are priced out of affording their dream homes, while the two generation live ‘segregated’ lives.
The government has stated that affordable housing is a priority, however, young people also need help to get on the housing ladder. The report mentions a few options available to allow young people more choice in buying or renting property, including more affordable homes and rental properties for young people.
Government policy must increase opportunity for young people, as without allowing them to live in areas that have work shortages has a dramatic effect on the economy. Moreover, young people are an important economic resource with new skills and ideas, without affordable housing in more areas, their unique talent cannot be recognized or utilized.
Therefore, the government must be sure to protect young people from deleterious effects of the current economic climate. The government continue to assert they represent all in politics. However, without a concise and well-planned policy the economy will lose the skills of a generation of young people.
Young people should be forgotten when drafting new legislation, because they themselves are a resource that will help the UK economy strive in the future. By Samiha Sharif
