With the current gripping housing crisis in UK, owning homes for more
than 1 million UK's younger generation is a dream that lies on
schizophrenic border, making the population lot vulnerable and dependent
on renting, as a choice for their shelter.
According to the report by Joseph Rowntree Foundation, it is found that the number of home buyers under the age of 30 shall decrease from 2.4 million to 1.3 million by 2020, registering a marked fall of 46%. The report further indicates the danger of a situation cropping up of more than 40, 000 youngsters, won't be able to either buy or rent an accommodation.
This leaves the young Britons with limited options of either renting their house for eternity or create enough savings to let them buy house in future, only by living at present with their parents. A poll by Council of Mortgage Lenders, points that 1.5 million 18-to-30-year-olds shall be renting a home in 2020, while another half a million young people shall be staying with their parents.
What is interesting to note, is the aspiration of the young Britons to be home owners. This was reflected in a poll by Council of Mortgage Lenders, pointed hat how 81% of Briton's youngsters were aspiring to own homes.
With the increased number of people wanting to stay in a rented accommodation, the competition in the renting market is fiercely increasing, resulting to an increased demand over supply, that resulting into a situation of exploitation of tenants by the landlords.
The report by Joseph Rowntree Foundation stated the danger of 400, 000 young generation of Briton turning homeless. Before it gets too late for the situation to be tackled, the government needs to step in to ensure rented homes at affordable rents.
Jack Dromey, the shadow housing minister, said the predicament of young people arose from the government's austerity drive. "It's an absolute tragedy that 1 million young people could be locked out of home ownership by 2020. One of the biggest consequences of the housing crisis is the rise of 'generation rent' as young people face a squeeze on their wages, increasingly unaffordable rents and greater difficulty saving for a deposit."
He added: "As a growing number of young people lose hope of buying a home and come to live with mum and dad, or in the private rented sector, they will be asking what the government is doing to tackle the housing crisis. So too will their parents."
Further initiatives by the government includes, proposals by the housing minister, Grant Shapps, to prevent tenants those are earning high, to stay in local authority owned house, to make social homes available for the most needful. The Hammersmith & Fulham council also making an attempt to stop couples who earn more than £40,000 to live in council homes.
Thus, before this chaotic trend causes the disaster of homelessness for the Britons, it is the right time for the government to intervene with policies and programs that are reasonable for the tenants as well as buyers to rent and buy homes respectively.
According to the report by Joseph Rowntree Foundation, it is found that the number of home buyers under the age of 30 shall decrease from 2.4 million to 1.3 million by 2020, registering a marked fall of 46%. The report further indicates the danger of a situation cropping up of more than 40, 000 youngsters, won't be able to either buy or rent an accommodation.
This leaves the young Britons with limited options of either renting their house for eternity or create enough savings to let them buy house in future, only by living at present with their parents. A poll by Council of Mortgage Lenders, points that 1.5 million 18-to-30-year-olds shall be renting a home in 2020, while another half a million young people shall be staying with their parents.
What is interesting to note, is the aspiration of the young Britons to be home owners. This was reflected in a poll by Council of Mortgage Lenders, pointed hat how 81% of Briton's youngsters were aspiring to own homes.
With the increased number of people wanting to stay in a rented accommodation, the competition in the renting market is fiercely increasing, resulting to an increased demand over supply, that resulting into a situation of exploitation of tenants by the landlords.
The report by Joseph Rowntree Foundation stated the danger of 400, 000 young generation of Briton turning homeless. Before it gets too late for the situation to be tackled, the government needs to step in to ensure rented homes at affordable rents.
Jack Dromey, the shadow housing minister, said the predicament of young people arose from the government's austerity drive. "It's an absolute tragedy that 1 million young people could be locked out of home ownership by 2020. One of the biggest consequences of the housing crisis is the rise of 'generation rent' as young people face a squeeze on their wages, increasingly unaffordable rents and greater difficulty saving for a deposit."
He added: "As a growing number of young people lose hope of buying a home and come to live with mum and dad, or in the private rented sector, they will be asking what the government is doing to tackle the housing crisis. So too will their parents."
Further initiatives by the government includes, proposals by the housing minister, Grant Shapps, to prevent tenants those are earning high, to stay in local authority owned house, to make social homes available for the most needful. The Hammersmith & Fulham council also making an attempt to stop couples who earn more than £40,000 to live in council homes.
Thus, before this chaotic trend causes the disaster of homelessness for the Britons, it is the right time for the government to intervene with policies and programs that are reasonable for the tenants as well as buyers to rent and buy homes respectively.
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London Guaranteed Rents | property lettings | estate agents house | housing solutions by County Housing
County Housing provides residential investors, particularly buy-to-let investors with a guaranteed rent, thereby guaranteeing a steady return on their investment and leaving them free to focus on when to buy and sell.http://countyhousing.co.uk