Halifax’s annual Generation Rent report came out today, and the main finding is how renters are becoming resigned to their fate.
There were some positives with the highest number of first time buyers for 7 years, although we are a long way off the levels of half a million seen in 2002. However, there is little improvement in how potential first time buyer view their chances – with 79% of 20-45 year olds believing that banks don’t want to lend to first time buyers and 21% believing it is virtually impossible to obtain a mortgage.Read more
I am, among many things, a member of generation rent. With my A levels burning a hole in my back pocket I took the logical step out of my family home on the outskirts of Liverpool and took up residence at university. I moved into a three-storey halls of residence, which was heated by a gas oil burner that made all of my belongings smell of paraffin. "All your clothes stink", my mum would say whenever I came home, "even your laptop smells". I took no notice; all I could smell was freedom.Read more
As Parliament dissolves today and purdah begins, we’ve taken a look at everything the Government has, and hasn’t, done for renters.Read more
The latest House Price Index was released today and once again shows how first time buyers are being screwed over by the market.
House price inflation was up over this time last year, by 8.4%, although it was slightly down from last month (by a tiny 0.2%). One of the real worries is that for first time buyers, prices were 9.7% higher on average this January compared to last January – and 0.7% up on the month.Read more
In short, not much. It took 40 minutes for the first mention of housing, behind an announcement of £1million to celebrate the 600 year anniversary of the Battle of Agincourt no less. As well as expected announcements on funding for a London land commission to address ‘the acute housing crisis’ and the 20 housing zones due to be launched to boost house building, there was a surprise announcement of a ‘Help to Buy ISA’.Read more
As hundreds of renters gathered in Westminster yesterday to take part in Rent Freedom Day, a new poll we commissioned from Survation revealed how big an impact housing could have on the election - if politicians made it a priority.
Almost two fifths of voters (38%) would back a party that made housing one of its top three priorities, the poll found. It also revealed that the housing crisis is now affecting a majority of Britons, with 57% saying they, or someone they know, is struggling to buy or rent a suitable home.
Half (50%) of private renters are struggling to buy, while 43% say they are struggling to rent a suitable home, indicating that their current situation is difficult to live with.
A third of home owners (35%) say they know someone who is struggling to buy, which shows that many of those with the security of their own home are aware that there is a problem.Read more
Hannah Fearn recently focused on the Residental Landlords’ Association’s call to politicians to back regulations they feel will increase properties and raise standards in the PRS. All parties are urged in this election year to support this sector which the RLA feels has the potential to become ‘a first choice for those seeking a place to live’. Hannah points out that far from making an active ‘choice’ about their tenure, private renters of 2015 feel ‘trapped’ and optionless.
She’s right.Read more
Today the ONS released its latest House Price Index, showing UK house price inflation to the end of October 2014. Really, not much has changed. Whilst inflation has slowed a miniscule amount, falling from 12.1% in the year to September to 10.4% in the year to October, this is still a worryingly high figure for those struggling to buy their first home. Indeed, once seasonal adjustments have been taken into account, inflation has actually risen by 0.1%.Read more
Rising Rents & Increased Homelessness
Today there have been a range of statistics released on the private rented sector, mortgage lending and homelessness which confirm a fairly gloomy picture for those stuck privately renting.Read more