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17/03/2015

Young people turning to medical trials to fund house deposits

Words: Laura Edgar
Houses / iStock_000024561120

One in 25 young people have either participated in a medical trial or are considering doing so in order to help them raise funds for a house deposit, research commissioned by the National Housing Federation (NHF) has found.

The poll, conducted by YouGov for the NHF, found that 18-34-year-olds are increasingly employing emergency measures to raise the funds to pay for a homes, amid growing dissatisfaction with "Britain's failure to tackle the housing crisis for their generation."

Of 2,300 people polled, 12 per cen have or are considering getting a second job, and one in 25 have or are considering taking part in medical research. Additionally, 15 per cen are considering waiting to get married and have children while one in 20 revealed they are thinking or already are sharing a room with a friend or stranger.

Almost nine in ten (87 per cent) said it was difficult for their generation to get on the housing ladder, with four in ten believing the government pays more attention to businesses when forming housing policies. Just three per cent thought the government paid more attention to 18-24-year-olds than other age groups when forming housing policies.

The NHF said the current generation of young people trying to get onto the housing ladder are “considerably worse off than their parents were when it comes to their chances of being able to buy a home", with average house prices increasing from 4.5 times the average annual salary to seven times. The organisation claimed that the average deposit of £30,000 required by a first-time buyer today is ten times that required by buyers in teh early 1980s.

"In contrast to the baby boomers’ good fortune, our children are set to be the ‘baby doomer’ generation, with opportunities for a good start in life disappearing,” said David Orr, NHF chief executive.

“Our polling of young people underlines the stark reality of their situation and how they feel like they are shouting into a void. They are just not being listened to by government and are left feeling completely ignored, especially when it comes to housing.

“We are talking about where our children and grandchildren are going to live. We simply cannot afford to ignore the concerns of younger people and just accept the fact that they will be considerably worse off than previous generations. This shouldn’t be the case.

“That’s why we are calling on the next government to produce a long-term plan within a year of taking office detailing how they will commit to end the housing crisis within a generation.”

In response to a query from The Planner about how the government plans to address 18-34 year olds’ feelings that more attention is paid to businesses when housing policies are formed, housing minister Brandon Lewis pointed to housing schemes initiated by the government in the current Parliament that had benefited "204,000 hard-working households". In particular he mentioned the Help to Buy scheme and the new Starter Homes programme, which will make new homes available to young first-time buyers at a 20 per cent discount.

“We’re determined that anyone who works hard and wants to get on the property ladder has the help they need to do so," he said, adding: “We’ve also worked to tackle the deficit we inherited from the last administration, helping to keep interest rates at their record low and mortgages more affordable.”

Today, a housing rally organised by Homes for Britain – a campaign group comprising several organisations including NHF, the RTPI and the Home Builders Federation - is taking place in Westminster, where it is calling for “an end to the housing crisis within a generation”.

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