Posted 9 months ago on July 24, 2013, 2:11 a.m. EST by smithjames9780
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Bradford’s “millennium babies” face a tough transition to adulthood because of the failure to build enough houses for first- time buyers.
By the time the ‘noughties’ baby boomers are trying to climb onto the property ladder in 2020, the average cost of a home to first- time buyers in Bradford will have risen from an average of £102,542 to £130,236.
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And the rental market will offer little relief, with average rents rising by 50 per cent in the same period.
A new study by the British Housing Federation shines light on the nationwide problem, which the group says could leave a generation of young people stuck living with their parents.
Bradford’s young people are particularly vulnerable, with birth rates steadily increasing since 2001 but the number of affordable houses built stagnating.
In 2011 just 700 homes were built in the district, despite a target of 2,430.
In that same year over 3,200 babies were born.
In the past decade the number of children (0-15-year-olds) has risen at a much higher rate than any other age group, leaving Bradford with a disproportionately high young population – 122,000 of Bradford’s 523,000 residents are under 15 years old.
The Federation’s Yorkshire lead manager Rob Warm said: “We failed to fix the housing market for the Eighties baby-boomers because we simply didn’t build enough homes across Yorkshire.
“This means that, even with decent jobs, many are now struggling to raise a mortgage deposit or pay their rent.
“But rather than learn from past mistakes, the country is still not building enough homes to tackle the problem.
“The situation will be even worse for the millennium children. Seven years from now the eldest will be young adults, looking for work, seeking independence and dreaming of living in their own homes.
“To solve this housing crisis, we need to build more of the right homes, at the right prices, in the right places. The future of the country – and our young people – depends on it.”
Coun Val Slater, executive for housing on Bradford Council, pointed out that the economy could change before 2020, but added: “I am not surprised with these figures.
“It is a huge worry for the younger generation. How are they going to find a home?
“Because of the economic downturn building hasn’t been happening. The Council has tried to do its part, but there is a backlog of houses not being built.
“There are young people in employment who can’t afford a mortgage.
“More and more young people are having to stay with their parents – that doesn’t help them and it adds to the overcrowding problem in some parts of the city.”
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