There has been a large increase in the number of middle-aged people who cannot afford to buy their own homes, and who need rented accommodation.
The latest Family Resources Survey showed that nearly a quarter of people in their late thirties and early forties are renting their homes. This is more than double the number ten years ago. Most of these people are renting from private landlords.
Some of this increase is due to couples splitting up. This often means that both partners cannot afford to purchase a home after parting. To stay in the same area as their children, parents that cannot afford to buy want rented accommodation.
The Residential Landlords Association (RLA) is campaigning for longer tenancies for middle-aged people who can never afford to buy a home, or expect top wait many years before they buy property. The RLA found that 44% of landlords that responded to their survey said that their commercial mortgage has conditions that stipulated a maximum tenancy period.
David Smith the policy director of the RLA said that another issue was the lack of rented accommodation is some areas to satisfy the demand from middle-aged tenants. He said that government changes that have increased costs have deterred landlords purchasing more property.
He said that government “Ministers need to undertake a comprehensive review to ensure the support is in place for landlords to meet the changes in the types of tenants in rented housing.”