Plummeting rates of home ownership among young people demonstrate the folly of choking off investment in private rented homes says the country’s largest landlords’ organisation.
The Institute for Fiscal Studies (IFS) today shows that just 27 per cent of 25-34 year olds with incomes in their middle 20 per cent for their age are homeowners compared with 65 per cent in 1995/96.
David Smith, Policy Director for the Residential Landlords Association, said:
“This huge increase in the number of young people unable to buy their own home means that more are renting and for longer periods. This shows the folly of government policy imposing higher taxes to deter investment in new homes to rent.
“The scale of the housing crisis demands a complete re-think from government with policies needed to support investment in homes to rent to meet the increasing demand.”