Half a million baby boomers in England hit by ‘shattering impact’ of UK housing crisis
Nearly half of private renters in England aged over 50 have been forced to make drastic decisions to cover their rent, including borrowing money from their own children, a new study finds.
According to research from the National Housing Federation, nearly half a million older renters have been hit by a lack of affordable housing, and have been forced to take out loans or cut down on food and heating just to make rent.
A third of older private renters are living below the poverty line after they’ve paid their rent, the study shows.
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The research finds that the number of people over 50 renting from private landlords has nearly doubled in just ten years. Meanwhile, a quarter of these renters who moved house in the last three years were forced to do so against their will.
This comes as private rents in England have grown 21 per cent on average over the last six years, forcing as many as 170,000 older renters to borrow money from friends or family, including their own children.
David Orr, chief executive of the National Housing Federation says the results of the study show that older renters are the hidden victims of the housing crisis.
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“We often hear that young people bear the brunt of the housing crisis but today’s report reveals a shocking number of hidden baby boomers who are struggling just as much, if not more,” said Orr.
“There is a huge amount of inequality amongst this age group and unfortunately the wealthier majority have hidden the reality of hundreds of thousands of people who have never been able to afford a house, and are now being failed by the broken housing market.”
Other key findings from the report show that 17 per cent of older renters have had to cut down on food and heating to pay their rent.
“Todays’ research shows this is having a truly shattering impact on older people’s lives,” added Orr. “These figures are only going to grow. This must be a wake-up call to the Government that more money for building social housing, and especially housing that is fit for retirement, is not only desperately needed but makes financial sense.”