Latest Public Sector News

22.07.13

NHF calls for house-building to keep up with population

House prices could increase by 42% by 2020, with rents rising even higher, the National Housing Federation (NHF) has warned in a new report.

If the rate of house-building continues to fail to keep up with the rising population, up to 3.7 million young people could be forced to live with their parents. Private rents in England are predicted to increase by 6% a year between 2015 and 2020, and are expected to be 46% higher than today’s prices by 2020.

The report reads: “By 2020 the price of a first-time buyer's home will increase by 42% to £245,165. Although wages for 22- to 29-year-olds will increase by 36% by 2020, this poses a huge challenge for those wishing to be homeowners. Low-earning young people would have to spend 16 times their average wage just to buy a home.” 

NHF director Ruth Davison said: “We failed to fix the housing market for the Eighties baby-boomers because we simply didn’t build enough homes. This means that, even with decent jobs, many are now struggling to raise a mortgage deposit or pay their rent. But rather than learn from past mistakes, the country is still not building enough homes to tackle the problem.

“The situation will be even worse for the Millennium children. Seven years from now the eldest will be young adults, looking for work, seeking independence and dreaming of living in their own homes. If we expect them to take over the reins and drive the country forward in an increasingly competitive global economy, we must provide them with the foundations for a bright, stable future. 

“Our Government must look far beyond future elections and deliver a long-term house building programme that will create jobs, pump money back into the economy and give hope to millions of young people. Britain must say yes to more homes now. The future of the country – and our young people – depends on it.”

Tell us what you think – have your say below, or email us directly at opinion@publicsectorexecutive.com

Comments

There are no comments. Why not be the first?

Add your comment

 

public sector executive tv

more videos >

last word

Prevention: Investing for the future

Prevention: Investing for the future

Rob Whiteman, CEO at the Chartered Institute of Public Finance (CIPFA), discusses the benefits of long-term preventative investment. Rising demand, reducing resource – this has been the r more > more last word articles >

public sector focus

View all News

comment

Peter Kyle MP: It’s time to say thank you this Public Service Day

21/06/2019Peter Kyle MP: It’s time to say thank you this Public Service Day

Taking time to say thank you is one of the hidden pillars of a society. Bei... more >
How community-led initiatives can help save the housing shortage

19/06/2019How community-led initiatives can help save the housing shortage

Tom Chance, director at the National Community Land Trust Network, argues t... more >

interviews

Artificial intelligence: the devil is in the data

17/12/2018Artificial intelligence: the devil is in the data

It’s no secret that the public sector and its service providers need ... more >

the raven's daily blog

NSPCC: Working together to improve the support available for children who have been sexually abused

08/10/2019NSPCC: Working together to improve the support available for children who have been sexually abused

Hayley Clark, the acting head of development and impact at the NSPCC, talks about the significant gap in support services for children who have been sexually abused and the Ho... more >
read more blog posts from 'the raven' >

editor's comment

25/10/2017Take a moment to celebrate

Devolution, restructuring and widespread service reform: from a journalist’s perspective, it’s never been a more exciting time to report on the public sector. That’s why I could not be more thrilled to be taking over the reins at PSE at this key juncture. There could not be a feature that more perfectly encapsulates this feeling of imminent change than the article James Palmer, mayor of Cambridgeshire and Peterborough, has penned for us on p28. In it, he highlights... read more >