The National Housing Federation have revealed that almost a million more people in England rent their home than they did five years ago.
The National Housing Federation have revealed that almost a million more people in England rent their home than they did five years ago and 56% of private renters say that they have rented for longer than planned because they have no alternative.
This has created opportunities for both existing and new landlords as we still encounter a high level of demand for rented accommodation, however 28% private renters feel that they can’t put down roots because they might have to move again soon, and this rises to almost 32% among renters with children.
Private renters are now nine times more likely to have moved in the past year than homeowners.
The report did reveal that there is still a desire among renters to become home owners as most people didn’t anticipate they would still be living as a renter at this point in their life, in fact 63% of private renters aged 25 – 44 years old said they thought they would have bought their own home by now.
The introduction of the Help to Buy scheme has given purchasers a lifeline to help with the cost of raising a deposit by allowing them to get onto the ladder with just a 5% deposit, however The National Housing Federation feel that more properties need to be built at affordable prices to provide young families with additional support to be able to take those first steps onto the property ladder.
David Orr, chief executive of the National Housing Federation, said:
“With house prices continuing to soar out of reach, and typical deposits for first time buyers hitting £30,000, younger generations are seeing their dream of home-ownership replaced with a life of renting.”
“It’s clear that the younger generation is being let down, and given no alternative but to move from one short-term let to the next, never being able to save enough to buy because their wages are eaten up by rent.”
“We’ve found that nearly eight out of 10 people (77%) in England don’t believe any of the main political parties will effectively deal with housing, but they still have the chance to put that right. With a bold long term plan for house building our housing crisis is solvable. We need politicians from all sides to commit to ending the housing crisis within a generation.”