Soaring demand for rented housing in the UK which is making it harder for young people to get a home of their own is due to high levels of immigration pushing up rents, it is claimed.
Immigration has been a major driver of the demand for privately rented properties across the country with a third of homes in the private rented sector now rented to people born abroad, up from around a fifth in 2000, according to research from think tank Migration Watch.
It says in a new report that this demand is forcing up rents and thus making it harder for young people to be able to afford a deposit and rent for a home. It adds that rents in England, for example, have increased by 23% in the last decade.
Meanwhile, the supply of new homes has failed to keep pace. House building across the UK has fallen short, averaging only 130,000 a year in the past 10 years. In contrast, the House of Lords Economic Affairs Committee said in a report published in July that at least 300,000 homes need to be built across the UK each year, the majority of them in England.
It points out that despite losing more people each year to other parts of the UK than any other region of the country, the rapid growth in the migrant population in London has put a huge strain on the city’s housing stock.
For some young people the high cost of renting can mean spending longer living in house shares or with parents. Indeed, research by Shelter recently revealed that 59% of 18 to 44 year olds in Britain say they will be forced to put their lives on hold as a result of the housing crisis.
The report suggests that at current levels of net migration a new home would have to be built every five minutes, day and night, just to house new migrants and their families.
View the original article at Property Wire UK