Up to a Third of Millennials 'Face Renting their Entire Life'
Renting from Cradle to Grave
A new report by the Resolution Foundation found that 40% of "millennials" - those born between 1980 and 1996 - were living in rented housing by the age of 30.
“The Foundation's Home Improvements report said "generation rent" needed much more help. It called for more affordable homes for first-time buyers to be built, as well as better protection for those who rent. Although renting is often a reasonable choice for people who have few ties, the private rented sector is "far less fit for purpose" for those with children because of a lack of security”.
For many years there have been warnings of a looming housing crisis. There have been some steps to support building of affordable homes and the help to buy scheme for first time buyers but still for many renting from cradle to grave may be unavoidable.
Ahmed writes “The report says the tax system should be changed to discourage second home ownership, reducing stamp duty for people who own one home and increasing surcharges for second home owners.
It also calls for "light touch" stabilisation policies to limit rent increases to the rate of inflation over a three-year period. The Labour Party has already proposed a cap on rent increases, along with three-year tenancies and a licensing scheme for landlords. The party has also said it will build more council houses.
The Liberal Democrats are proposing a "rent-to-buy" scheme to help renters purchase the homes they live in, as well as far more shared ownership and social housing.
A Department of Housing, Communities and Local Government spokesperson said: "Our Help to Buy scheme and the recent cut in stamp duty are helping more young first time buyers get on the property ladder. Figures show that we are seeing the highest number of first time buyers for more than a decade”.