Millennials in the UK face lower rates of home ownership, with about a 25% chance for those born in the mid‑1990s, compared with nearly double the likelihood for people in the 1990s, according to recent data. The gap reflects a long‑term trend in which house prices have risen faster than incomes. In England, the government estimates that 300,000 new dwellings are needed each year to match population growth and changing household sizes, but only 208,000 were added in the most recent year, the lowest level in three decades. Construction costs have increased, driven by higher prices for land, wages, and materials such as timber, steel and concrete. Inflation, pandemic‑related supply disruptions and the war in Ukraine have pushed material costs up, with energy costs for construction rising 15% in a single year. A shortage of skilled workers, linked to Brexit and the war in Iran, has further constrained supply. As a result, the cost to build a typical home has risen from about £150,000 in 2015 to roughly £230,000 now, with analysts projecting another 15% increase over the next five years. Planning regulations that protect the environment and enforce safety standards also add to the cost and uncertainty, discouraging some builders. Despite these pressures, recent years have seen slower house price growth and lower mortgage rates, which have made saving for a deposit easier. Some lenders now accept smaller deposits and offer longer repayment periods, bringing mortgage payments closer to the long‑term average relative to wages. Government action includes proposals by the new administration to streamline planning processes and permit more construction on green belt land, though these measures face opposition. Officials say that greater confidence from builders is needed to accelerate output, but any impact on housing supply is expected to take years. The ability of the market to ease the housing burden for first‑time buyers will depend on future increases in construction and changes in lending policy.