Half of millennials will rent rather than own their homes into their 40s, and one-third will rent into retirement unless there is a radical change in taxation, new funding for public housing and a reform of the private sector, according to a new report.
Under this pessimistic scenario – which assumes that recent economic conditions and trends in home ownership persist – researchers at the Resolution Foundation think-tank estimate that the growing unaffordability of accommodation will see the housing benefit paid to pensioners rise from £6.3bn today to £16bn by 2060.
In the last 15 years, the number of families living in assured short-hold tenancies has tripled to 1.8m.
