Two in three renters never expect to own a property

Nearly two in three people renting in England never expect to buy their own property as they fear they will not be able to afford it.

The shocking figures in the latest English Housing Survey also saw a rise in renters saying that affordability will stop them from owning their own home, up to 70% compared to 2008-09 when the figure stood at 56%.

The LGA argued that these results show a growing “home-owning hopelessness” as private renters continue to struggle getting on to the property ladder.

The survey also showed that one in five (21%) of renters were dissatisfied with their tenure compared to less than 1% of owner occupiers.

It reiterated previous warnings by the LGA that many renters are locked out of the housing market as the average homebuyer is expected to pay 7.6 times their annual wages for a home.

The council association has once again called on the government to give local authorities sufficient powers to borrow money to construct affordable property.

“It’s worrying that so many people renting a home feel a sense of home-owning hopelessness,” Cllr Martin Tett, the LGA’s housing spokesman, said. “We know that the shortage of houses is a top concern for people as homes are too often unavailable, unaffordable and not appropriate for the different needs in our communities.

“All types of homes – including those for affordable and social rent – have to be built to solve this shortage, boost affordability and increase home ownership. For this to happen, councils desperately need additional flexibility, and access to funding, to resume their historic role as a major builder of affordable homes.

“This means being able to borrow to invest in housing and to keep 100% of the receipts from properties sold through Right to Buy to replace homes and reinvest in building more of the genuine affordable homes our communities desperately need.”

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Johnson Bristol   16/08/2017 at 02:37

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