The average private renter effectively spends two days every week working to pay off their landlord’s mortgage, so with prices rising at this rate fewer renters will ever escape this trap.
The only real solution is to build many more homes to bring supply back in line with demand – and Generation Rent has devised a funding model by which new build houses can be shielded from the inflationary effects of the wider market.
But the million houses we need will take years to build. Those of us who are stuck with the insecure private rented sector for the foreseeable future need better rights and the ability to call the place we live a home. Ultimately, better private renting should make the sector a real alternative to ownership – and the monthly house price indices will stop giving us palpitations.
