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by administrator @, Wednesday, June 13, 2012, 15:46

There has been a massive 86 per cent increase in families with children renting their homes in the past five years, according to a new report which shows that just one in four households will own a home with a mortgage by 2025 if the economy continues to stagnate.

Campbell Robb
Campbell Robb
The report, commissioned by the Resolution Foundation and Shelter from Cambridge University, is being used as political weight to warn the Government it can no longer afford to ignore a sector which growing numbers will call home.

Shelter's chief executive, Campbell Robb said: "This report shows what is fast becoming the new reality of our housing market in the current economic climate: home ownership continuing to fall while renting becomes a way of life for British families.

"Yet despite the growing pressure on the rental market, the government's recent Housing Strategy virtually ignored the sector and did little to address the issues of affordability, stability and quality that so many renters face.

"It's time government woke up to the fact that 'Rental Britain' is here to stay. With more and more families renting than ever before, we need to make renting fit for purpose for the growing cohort who want a stable and secure home to raise their children in."

The report found that while Britain's economy remains weak the proportion of households owning with a mortgage will decrease to one in four (27 per cent) by 2025, down from a peak of 43 per cent in the early 90s.

Meanwhile, the proportion of people renting their homes privately will continue to expand, rising from just 7 per cent in 1994 to 22 per cent by 2025. In London more than a third (36 per cent) of households will be renting by 2025.

The report also projects that more families with children will be renting than ever before. The past five years have seen a massive 86 per cent increase in families with children renting their homes, growth which looks set to continue - particularly in London where renting will overtake mortgaged homeownership by 2020.

With renting set to become the norm for more and more people, Shelter and Resolution Foundation are warning that the government can no longer afford to ignore a sector which growing numbers will call home.

Vidhya Alakeson, director of research at the Resolution Foundation, added: "This report is further evidence of the urgent need for more and better quality rented accommodation that meets the needs of families with children.

"It's encouraging that the government has launched a review of institutional investment in the private rented sector, but this report reveals the true nature of the future challenge and thus the scale of the response needed."


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