Build-to-rent developments backed by government policy signal property ownership is becoming a luxury for the few. First-home buyers are now 36 on average, with housing costs at 11 times the average wage, up from 2-4 times a decade ago. Real estate is shifting from personal investment to generational asset.
Build-to-rent has come into the market in a big storm and it's being pushed and supported by the government in a big way because that's where they see to be able to house a— that's the social housing system, which is of the future. And what the reality is that we need to understand is that property ownership is going to be an absolute luxury for the future. It's not going to be, and it probably is for a lot of people right now, it's a harsh reality of the matter. Most people are going to wind up being in a lifetime of renting Apart from when you receive a property passed down from parents and things like that into the future. It's going to be a generational asset. The average first home buyer is now, I think it's 36 years of age. That's the average first home buyers. That's a really scary situation for people coming into the market for the future. Just the affordability is not there. It's costing, I think, 11 times the average wage as opposed to what it was even 10, 15 years ago. It was only like 2 to 4 times, right? So it's radically, radically different.
