Over a million British families will pay costly rent forever & will never be able to afford to buy their own home

Over a million British families will pay costly rent forever & will never be able to afford to buy their own home

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

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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.

Alamy

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.

Reuters

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”.


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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