From homes with no walls to living in ‘airspace’, Generation Rent is coming up with innovative solutions to help end the housing crisis.
Home ownership is a remote dream for a generation of young people who have become perpetual renters, slowly adjusting to the reality that they are being forced off the property ladder by a crippling lack of affordable housing.
Nationwide the prospect of becoming a first-time buyer is rapidly slipping out of reach. Home ownership in England is at a 30-year low according to the English Housing Survey, published in March last year. By contrast, the private rented sector has doubled in size since 2004.
Figures from homelessness charity Shelter suggest that on average house prices are now almost seven times a person’s income. In the capital in particular, getting your foot on the property ladder is a distant dream for people of all ages. In Central London, for example, average house prices range from £481,100 in Tower Hamlets to £1.3m in Kensington and Chelsea.
It is clear that our collective response to the UK’s housing crisis has to be swift and holistic. Regulation for private landlords that would help maintain standards for tenants needs to run in conjunction with an increase in social housing, providing much needed homes for Britain’s hidden homeless.
While far from a fix for everyone, a number of companies have taken up the challenge to tackle our housing crisis head-on, each sharing the belief that innovation must be at the heart of the solution.