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UK renters to outnumber homeowners in 104 parliament seats

Posted by: In: Real Estate 03 Nov 2014 Comments: 0 Tags: , , , , , , , , , , ,
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The number of constituencies (by political party) where renters are forecast to outnumber homeowners in 2021

A report from campaign group Generation Rent compared census data for each Parliamentary constituency and reveals that the number of MPs with more constituents renting than owning property is rising significantly. In 2001, 38 MPs represented areas with more tenants than homeowners. In 2011, that had almost doubled to 65. If the trend continues, argues the report, renters will outnumber homeowners in 104 seats by 2021.

49 of the predicted renter majorities are in London, with the majority in Northern cities. But that is changing, warns the group.

“While the majority of the 104 seats are Labour-held – with large populations in both social and private rented housing, the growth of the private rented sector is creeping into more marginal and traditional Tory seats. Parliament cannot ignore this trend or treat renters as the core vote of a single party. It must start offering more to renters as renters and not just as would-be owners.”

Indeed, party conference season saw the political parties competing on promises to build the most new homes and to be the party of the first-time buyer, from Rent to Buy schemes to 300,000 new homes forecast per year.

“One thing they all took as read was that everyone wants home ownership,” says the group. “But the parties have not considered why so many people want to buy a home. It is true that most private renters would prefer to own – 67% according to Generation Rent’s ComRes polling – but this desire might be driven as much by desperation as aspiration.”

“That politicians are now competing for votes by pledging to build the most houses is a welcome development. But in the time it takes for these houses to materialise, the private rented sector’s numbers will continue to swell and their standard of living will continue to drop. Even the 10,000 people who stand to benefit from the Rent to Buy scheme will not become homeowners for at least another eight years, and we doubt many of them will be able to raise the deposit in that time.”

Generation Rent is now calling for MPs to become “Renter Champions”, representatives who actively promote policies that will help those who are stuck
in rental accommodation.

UK, Home Ownership

Source: The Movechannel

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