Renting ‘lifers’ in the North West are over £440,000 worse off than those who buy in their twenties.

New research out this morning from the housing charity Shelter paints a picture of the huge financial, social and psychological implications of England’s housing shortage on people left locked out of a home of their own.

By analysing the income and assets of ‘first time flyers’ who have help onto the property ladder in their twenties, ‘first time triers’ who are only able to buy after years of saving, and ‘renting lifers’ who can never buy, the research reveals the huge financial cost of being priced out of home-ownership. 


The study looked at a range of factors, including house prices and rents, earnings, essential living costs and interest rates, and discovered families that rent for life in the North West end up £444,600 worse off over their lifetime.


Through in-depth research the report also uncovered the damaging social and emotional impacts of being priced out, including having less stability in their finances, careers and relationships an putting off parenthood because they don’t have a stable home of their own.


Over 80% of private renters say they would like to own their own home, according to a YouGov poll carried alongside the research. 

Sadly, of those renters who would like to buy, 41% think it is unlikely that they ever will.


Campbell Robb, chief executive of Shelter, said: “The housing shortage is changing the face of our nation, with dramatic consequences for an entire generation finding themselves priced out and losing out.


“The failure of successive governments to build the affordable homes we need means that, for the first time in over half a century, millions of young people today face worse prospects than their parents.


“Everyone should have the chance of a stable future where they can put down roots, but for many the reality is a lifetime of frustration that they can’t move on in life, coping with expensive and unstable private renting, and feeling alienated from their friends who can get help from the Bank of Mum and Dad.  


“We need politicians to deliver a big and bold plan that will finally get to grips with our housing shortage, and put a stable future back within reach for both generation rent and generations to come.”

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