Research has found that only one in ten people will live in social housing by 2040
New research predicts that soaring rents will leave almost six million private renters in poverty by 2040.
Forecasts for the Joseph Rowntree Foundation have predicted that the current generation of primary school children are facing private rents that will cost 90% higher than the cost of renting at the start of the recession, reports 24dash.
By 2040, just one in 10 will be living in social housing, down from the current figure of 8.2 million to 5.7 million in 2040. Meanwhile, social rents will increase 39% to reach £92.10 per week in real terms.
Julia Unwin, chief executive at JRF, said: “These stark findings are a wake-up call for political leaders. After decades of failing to build enough, those in power have a responsibility to act now to build more genuinely affordable homes. Without that we are storing up trouble for the future – a price that will be paid by children starting school life this year. These high costs are bad for families, the economy and government. We need a clear strategy that builds the homes we need in the right places and avoids locking low income households out of affordable homes. This is about more than frustrated aspirations of home ownership from Generation Rent: the reality facing many people is a life below the poverty line because of the extortionate cost of keeping a roof over your head. Addressing the rising cost of housing is crucial to tackling the high levels of poverty in the UK.”
Commenting on the report, Alex Hilton, director of Generation Rent, said: “The housing bubble is an unsustainable pyramid scheme being propped up by ever increasing rents and a growing housing benefit bill. In seeking to avoid any decline in property prices, policymakers are cultivating a far more fundamental threat to the economy and British society.”
David Orr, chief executive of the National Housing Federation, said: “Our country is in the depths of a housing crisis so severe that unless we do something about it we won’t be able to house the next generation. This isn’t just about house prices. The cost of renting is getting out of control, leaving many people in poverty. If this continues we will see people priced out of both buying and renting and struggling to put a roof over their head. With eight million babies born between 2001 and 2012, we really need to ask ourselves where will our children live when they reach adulthood? For decades we have failed to build enough new homes and are currently only building half of the new homes we need every year. We must build the right homes in the right places at a price people can afford. We can’t let the stark predictions in this report to become reality. We are calling on the next government to commit to end the housing crisis within a generation and to publishing a long term plan within a year of taking office detailing how they will do this.”
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