One third of Britain is effectively off-limits to lower-income working families looking to rent a home privately because they can no longer afford a property in those parts of the country.
An alarming new report, Home Truths, is the first to give a comprehensive assessment of where less affluent families can reasonably afford to live, revealing that even a very modest rented home is beyond the reach of low income households in 33 per cent of all local authority areas.
- Low to middle income households are at the sharp end of changes in the housing market. They increasingly have only one housing option: unaffordable private rent.
- While traditionally housing policy saw its role to improve access to home ownership for first time buyers and to ensure the delivery of adequate social housing, it now needs to take a broader view across all four tenures if it is to meet the needs of low to middle income Britain.
- These 5.6 million households need better access to an affordable,high quality rental offer in the market and better access to products that allow them to move on from long term renting to acquire equity shares and build assets in a way that is cost effective and flexible.