At the moment, there are 1.5 million UK homeowners aged 85 and older and they own more of the nation’s housing wealth than everybody under 35, data from the National Housing Federation has revealed.

The data, recently cited by The Times, suggests that Generation Y will have to wait a little while longer to make their first step onto the housing ladder.

Over the last decade and a bit, house prices across the UK increased from £150,000 in 2005 to £217,000 in 2016, data from the Office for National Statistics has revealed.

How to find an investment winner in UK property

The other path millennials could choose is obviously to hope and pray for a massive pay rise over the next few years. This, however, appears to be highly unlikely as wages are either stagnating or falling across the UK and Europe in general.

The National Housing Federation published a number of astonishing figures to demonstrate just how big the housing issue actually is for those dubbed Generation Rent:

  • Home ownership levels are now at 64%, down from 71% in 2003
  • The average age of first-time buyers is now 33, up from 30 two decades ago
  • The average number of first-time buyers is falling, from 300,000 to 564,000 between 1995 and 2015
  • Only 37% of 25 to 34-year-olds are homeowners, a fall from 59% in 2004
  • And the country seems to be stuck in its housing problems. The National Housing Federation says that the UK would have to build 250,000 new homes every year to meet the country’s demand and stop the house price growth.

    Currently, about half the amount is actually being constructed.