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MORE YOUNG BRITS TO BE 'LOCKED OUT OF HOME OWNERSHIP'

MORE YOUNG BRITS TO BE 'LOCKED OUT OF HOME OWNERSHIP' (Buying)

by administrator @, Friday, June 15, 2012, 09:42

An extra 1.5 million 18 to 30-year-olds will be locked out of home ownership and forced into private renting in just eight years' time, according to a new report.

Joseph Rowntree Foundation
An extra half a million young people will be forced to stay with their parents well into their 30s, increasing the total number of young people living with mum and dad by 50 per cent to 3.7 million by 2020, a report on the housing crisis and young people by the Joseph Rowntree Foundation said.

In 2020, the number of homeowners under 30 will nearly halve, with just 1.3 million expected to own their own homes, despite the Government's commitment to providing affordable homes.

And, the number of homeless young people under 25 is predicted to rise to 81,000, with further increases expected, the report said.

The influx of young people chasing accommodation in the private rented sector (PRS) means that young families, poorer and vulnerable people will find it hardest to compete for tenancies with around 310,000 more young families looking for private rented housing in 2020, according to the JRF report, Housing options and solutions for young people in 2020.

The report warns of a "three-tier" system developing in a race to find PRS housing, with those at the top who can afford to pay, a "squeezed middle" group who might struggle to pay and a bottom rung of 400,000 who risk being excluded completely.

Matt Harrison, interim chief executive of Homeless Link, said: "This report highlights the difficulties that many young people will face in the coming years in securing and living in affordable decent housing. We are especially concerned about the impact on young homeless people. We know from our members that more and more young people are seeking help with homelessness, and our research has shown that the main cause is a breakdown in their relationships with family and friends.

"This means that living in the family home is often not an option for them. However the report shows that access to social housing will be much reduced in the future for young homeless people. They will face increased competition for private rented accommodation, and when combined with changes to housing benefit and increases in rent there is a real risk that if we don't act now, we face a future of more young people living in transient accommodation with no real place to call home or with no home at all."

"As this report shows, rising youth unemployment and the economic recession mean this situation will only continue to get worse. We are urging the Government to intervene to make the private rented sector more accessible to young people and to look at new ways in which we can ensure decent housing for young homeless people."

www.jrf.org.uk


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