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Monday, November 17, 2014

JRF predicts increased family poverty

The Joseph Rowntree Foundation (JRF) predict rents will rise twice as fast as incomes, and result in increasing numbers of people in poverty. The prediction results from reduced ownership and the continuation in the under-supply of new social housing to meet demand. 

The charity believes that the nation will become increasingly will dependant on housing provision from the private rented sector.

The JRF have published a new report - What Will the housing market look like in 2040?  

It predicts that over the period to 2040 -

• Private rents will rise by 90%, at a rate twice that of income rises.

• The private rented sector will grow from 7.2 million today, to 10.6 million people.

• People  living in social housing will fall from 8.2 million to 5.7 million by 2040. 

 JRF's, Chief Executive Julia Unwin, commented: 

“These stark findings are a wake-up call for political leaders. After decades of failing to build enough, those in power have a responsibility to act now to build more genuinely affordable homes. Without that we are storing up trouble for the future – a price that will be paid by children starting school life this year. These high costs are bad for families, the economy and Government.

“We need a clear strategy that builds the homes we need in the right places and avoids locking low income households out of affordable homes. This is about more than frustrated aspirations of home ownership from Generation Rent: the reality facing many people is a life below the poverty line because of the extortionate cost of keeping a roof over your head. Addressing the rising cost of housing is crucial to tackling the high levels of poverty in the UK.tion now, more people will be at risk of poverty due to rising housing costs."

"A continuing decline in home ownership and social renting, together with a lack of new homes, will result in more people living in private rented homes."

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