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Nearly a third of Millennials face renting their whole life

A report by Resolution Foundation has revealed that nearly 40% of the people born between 1980 and 1996 have lived in rented houses by the age of 30. The number is more than triple that of people born between 1965 and 1980 famously called generation X. After the report, the Britain government stated that it was working on policies that would improve the housing sector to make it more affordable for the younger generation.
The report indicated that the renting generation required more help. Through the report, the Foundation asked for more affordable housing for first-time buyers to be constructed and more to that there should be also protection for the people that live in rented houses. Even though renting is always a solution for those who cannot afford to buy a house the private sector has not provided adequate security for those having children.

The report revealed that the number of families who rented while having children rose from 600,000 15 years ago to 1.8 million now. According to Lindsay Judge: “Britain’s problems in housing have become full-blown, and the burden has been passed to our young people who are now bearing the brunt. This is because they pay a record share of their income for housing but what they get in return is living in small rented houses.
Lindsay went on to say that for Britain to fully tackle the housing crisis they have to improve the conditions of all the families living in privately rented houses. The improvement would mean raising the living standards while reducing the risks associated with renting through tenancy form.

The report went on to state that the tax system should be changed to discourage all forms of second home ownership by increasing the taxes of second home ownership while reduces taxes for one homeownership.

Nearly a third of Millennials face renting their whole life Nearly a third of Millennials face renting their whole life Reviewed by john on April 18, 2018 Rating: 5

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