The dearth of affordable rental accommodation can no longer be ignored
Britain’s prolonged house price boom, described on Wednesday by market analysts as “gravity-defying”, shows little sign of letting up. According to data released from Nationwide, average property values rose by 0.9% in November alone. Since the first lockdown in March 2020, they have risen by almost 15%, driven by booming demand, limited supply and pandemic-related lifestyle changes. Shelter has estimated that the average first-time buyer in England will require a dauntingly high household income to raise a deposit.
Adding fuel to the fire, successive Conservative governments have sought to make the housing ladder more accessible through help-to-buy schemes, which have contributed to the surge in prices. But for the millions of Britons who will never come close to earning enough money to own a home, insecure rented accommodation has become a way of life. As the supply of social housing has steadily dwindled, their interests have been grievously neglected. Yet, as Labour’s former shadow housing minister Lucy Powell has pointed out, promoting home ownership should be compatible with looking after the interests and welfare of renters. This week, perhaps more surprisingly, that argument was echoed by the former prime minister Theresa May.
