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The rental trap: 72% say that lottery win is the only way out

A think tank has carried out a survey across England and Wales to mark the launch of the Affordable Housing Commission, the results of which have painted a depressing picture of the UK’s housing crisis.

Chaired by Lord best, the Affordable Housing Commission has been established to find solutions to the problems endured by members of British society who struggle to make ends meet. The survey – carried out by the Smith Institute in collaboration with the Nationwide Foundation charity – has found that 72% of those questioned believe that only a lottery win will help them to finally buy their own property due to rising sold house prices.

Even more worrying is the discovery that 39% of those in rental accommodation are relying on family inheritance to save for a deposit.

“The survey results hammer home the extent of our national affordable housing crisis. This is no longer a problem confined to a few housing hotspots but is recognised as an issue by people of all ages and income levels across every region,” said Lord Best.

“The scale of this challenge demands we stop tinkering and build a consensus around some bold solutions.”

The think-tank performed the survey in order to gain a better insight on the public perception of living costs in today’s economy and found that 64% of the 1400 renters and homeowners questioned believe that the country is undergoing a brutal affordable housing crisis due to rising property values.

The findings are likely to cause further headaches for the current minister for housing Kit Malthouse, who is already under pressure to deliver the new-build homes promised by the Tory government under David Cameron.

Almost half of those quizzed admitted that they had encountered financial difficulties over the past year covering their living costs, and a quarter of all renters stated that they had taken out credit cards just to cover basic amenities. And with the cost of housing still increasing, many in the industry are worried that a vendor hoping to sell their home fast will find it increasingly hard to find a buyer who can afford their asking price.

Agents are therefore advising sellers to be realistic with their asking prices if they are looking for a quick sale, or to contact a house buying company such as National Homebuyers who are always happy to provide a competitive quote.

Need a quick sale? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.

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