Half of middle-class families raise their children in rented accommodation

Thu, 21 Jul 2016

Half of middle-class families raise their children in rented accommodation
High housing costs has resulted in the proportion of middle-income families who own their home falling from 69 per cent in 1995 to 50 per cent today, according to the Institute for Fiscal Studies (IFS).

The number of middle-income families renting privately has risen from 11 per cent to 27 per cent, as prospective first-time buyers find themselves starting a family before they can afford to buy a home, as more people join 'Generation Rent'.

Living in rented accommodation means there is a risk that the family can at any time receive their two months' notice, requiring them to move out. This can understandably cause a lot of distress on both the parents and children, and there is also a risk of children being raised in damp, cramped and potentially dangerous conditions.

According to Shelter, the housing charity, 22 per cent of people in a relationship have delayed having children, or expect to do so, because they are unable to afford suitable accommodation. A lack of supply of affordable housing has helped housing costs outstrip income, leaving many 'trapped' renting.

"With house prices now completely out of sync with average wages, private renting is no longer just a stepping stone for students and young professionals - it's the only option for millions of families," said Roger Harding, Shelter's director of policy and campaigns.

"Expensive, unstable private renting leaves many families struggling to make ends meet each month, let another save up for a home where they can put down roots. And our drastic shortage of affordable homes means that at Shelter we hear from families every day whose wages simply won't cover their sky high rents.

There are a number of government schemes aimed at helping first-time buyers get onto the property ladder, such as the Help-to-Buy ISA. However, price caps in place mean that not everyone is able to take advantage of this scheme.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete ourmortgage enquiry form below.

Mortgage, Remortgage or Buy-to-Let Mortgage Enquiry Form

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.




mths

Your Details

Home Buyer Guides

Home Buyer News

Speak with an independant mortgage specialist

About Company

HomeBuyService.co.uk is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy
FAQ
Sitemap

Get in Touch