Britain’s ‘Peter Pan’ generation unable to get on the ladder
Young people increasingly find they can’t afford to buy homes
As part of National World's 17 city world division news titles, we are collaborating to launch Project Peter
Pan: championing the lost generation.
Project Peter Pan – launched as the UK heads toward a general election in 2024 – aims to use our collective media power to give a voice to those in their 20s and 30s who have negotiated a pandemic, work hard and are ambitious, yet lost.
Frozen out of the housing ladder and stuck in a rental cycle often in substandard accommodation, many are in debt and facing impossible decisions.
Meanwhile, they face accusations of 'laziness' as living costs spiral, sparking a mental health epidemic. Politicians should take heed – they have a lot to say.
The UK has faced a turbulent few years, with interest rates and inflation rising, and a cost-of-living crisis which has affected every member of society.
All of this has occurred amid political instability, with three prime ministerial changes and a war in Europe.
While the causes of these issues are important, we wanted to focus on the impact they are having on everyday people in our area.
More specifically, how has it impacted a lost generation of 20 to 35-year-olds, and their dream of owning a home?
A dream that has grown more difficult to achieve, as mortgage rates rise and the feasibility of saving a deposit becomes more challenging.
Of course, the cost-ofliving crisis has affected all age groups, but when framed with buying a house, the first step on the property ladder is the hardest one to reach.
With a general election around the corner, the
20-35 age group will be a key demographic that all political parties will be trying to engage with, yet their voices are not always heard or represented.
With house prices across the UK averaging at £284,691 (Land Registry) and salaries at £34,963, it now costs 8.14 times the annual salary to buy a house, compared to 2.8 times in 1971.
Those starting out and on lower salaries face an almost impossible task to get on the housing ladder under the wider cost-of-living crisis as everyday items become
Pan is putting aside any assumptions, generalisations, and unhelpful narratives about the generations of young adults who have had, and are having, a really hard time
seemingly unaffordable.
According to a report from the HomeOwners Alliance, less than half of aspiring first-time buyers expect their homeownership dream to become a reality.
The situation has sparked a mental health epidemic among the generations of often talented and inspiring young adults – straddling Millennials and Generation Z – who say that unless they have generational wealth, they are feeling hopeless and under fire from those who came before.
Saving enough money for a deposit is difficult. Even if you are living at home with parents, there are other costs that can drain your funds.
If you are in a rented property, then it is even harder to save up the necessary cash. Meanwhile, for those with young families to feed, saving up such sums can be nigh on impossible.
Reporters across our UK titles have been listening to the many who have delayed starting families, are moving back home in their 30s, are reliant on the bank of mum and dad, living in substandard rental properties, losing career aspirations, putting off university and facing the realities of never buying a home.
Nicola Adam, Editor in chief (north), said: “Project Peter Pan is putting aside any assumptions, generalisations, and unhelpful narratives about the generations of young adults who have had, and are having, a really hard time.
“They are the most informed as digital natives and often ambitious yet the reality of the day to day thanks to crippling costs is – unless they come from wealth – getting decent accommodation or on the property ladder remains a dream.
“This is just stage one of the campaign – listening – there is more to come and our National World titles intend to make a stand for the lost generations across the UK. Politicians should take heed of these crucial voices.”