Up to half of the millennial generation could still be renting in their 40s and a third could be “retiree renters”, a report warns.
The Resolution Foundation think-tank said that if home ownership growth in Britain follows the “weak pattern” of the 2000s, up to half of millennials born between 1981 and 2000 could be renting either privately or in the social rented sector in their 40s.
A third could still be renting by the time they claim their pensions, it found.
The Foundation said radical reform is needed to make the private rental sector fit for raising children and retirement “because a generation of young people face the prospect of never owning their own home”.
The report, published by the foundation for its Intergenerational Commission, said policy has failed to catch up with the fact that bringing up children in the private rental sector has become mainstream.