Young people need helping into the housing market, not pricing out of it

Sir Kevin Barron MP
Sir Kevin Barron MP

New House of Commons analysis released shows that more than two million private renting households in England currently pay more than a third of their income in rent, writes Sir Kevin Barron MP.

Spending more than a third of income on rent is considered by Shelter and others as a benchmark of whether private renters are paying too much in rent.

Forty four per cent of private renters are spending more than a third of their income on rent.

Official figures show that the building of homes for affordable home ownership has fallen to a 27-year low under the Conservatives and the number of new social rented homes has fallen by more than 80 per cent.

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So Britain is now building 30,000 fewer socially-rented homes each year than under Labour, making it harder for families to meet rising housing costs and impossible to build the homes the country needs.

Labour has pledged to build a million affordable homes over ten years, including homes for living rent linked to a third of average local household incomes.

‘Living rent’ homes are part of Labour’s long-term plan to establish new types of housing linked to what people can afford to pay.

After nine years of failure, the Conservatives have no plan to fix the cost of housing crisis.

SEE ALSO: 'Unsellable' homes scandal biting hard in north Nottinghamshire.

Millions of people are paying more than they can really afford in monthly rent, while new social housebuilding has dropped to the lowest levels since the war.

Labour would build new ‘living rent’ homes priced to be affordable to those on ordinary incomes and young families so they have a bit more for the things they need and can save for a deposit to buy that special first home.