MORE than a million young families are trapped paying costly rent forever as they will never afford to buy, a damning new report reveals today. A t
MORE than a million young families are trapped paying costly rent forever as they will never afford to buy, a damning new report reveals today.
A total of 1.2 million households don’t qualify for council houses, and at the same time aren’t able to scrape together a deposit to get on the housing ladder.
Extortionate renting is stopping families from getting on to the property ladder[/caption]
Instead, they are forced to paying spiralling private rents – with lower earners in the trap losing an eye-watering 67% of their wages to landlords.
The alarming findings come in a landmark cross party commission convened by the housing charity Shelter, whose proposals are published today.
Its members – which include former Labour leader Ed Miliband, ex-Tory Treasury minister Lord O’Neill and Baroness Doreen Lawrence – also call for Theresa May to begin a massive new state building programme to erect 3.1 million new homes to solve the crisis.
Paying less rent on a council house would give the average struggling family £380 a month more to save for a deposit, the commission also found.
The crisis has seen calls for Theresa may to build 3.1million homes to solve the problem[/caption]
Writing for The Sun today, Lord O’Neill dubs the trap as “the number one enemy of aspiration in Britain today”.
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Revealing he has been “shocked” by what he has discovered during the year long probe, the respected economist writes: “A good home should be a base from which to build a better life – somewhere steady to bring up a family, put down roots, build some savings.
“This should be a stark warning to this government, or indeed any government. “Tinkering at the edges won’t solve anything. We need to think bigger.”
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