‘Dysfunctional’ housing market
HOME ownership in the UK will fall back to 1980s levels, forcing both rents and house prices to rise by about 20 per cent in the next five years, according to the National Housing Federation.
The NHF forecasts that only 63.8 per cent of adults will be home owners by 2021, compared with 67.3 per cent at the moment, and 72.5 per cent in 2001. In London, the majority of people will rent by 2021, with the number of owner-occupiers falling from 51.6 per cent in 2010 to 44 per cent by 2021.
Chief executive David Orr says: “With home ownership in decline, rents rising rapidly and social housing waiting lists at a record high, it’s time to face up to the fact that we have a totally dysfunctional housing market.”