UK Millennials Face Housing Gap Despite Easing Mortgage Costs
UK millennials remain significantly less likely to own homes than previous generations, with only 25% of those born in the mid-1990s owning property. While mortgage payments are becoming more manageable relative to wages, the fundamental issue remains a severe shortage of new homes. Construction costs have surged due to inflation, energy prices, and labor shortages, with a home costing £230,000 to build today compared to £150,000 in 2015. The government is attempting to address this by streamlining planning and allowing more green belt development, but experts warn that meaningful results will take years.
