Wider range of rental models needed, says CIH
The ‘golden age’ of home ownership is over, according to a new report from the Chartered Institute of Housing.
The report identified a group of ‘in-betweens’, people who are too poor to get a foot on the housing ladder, but not in sufficient need to be able to access social housing.
In-betweens are households earn between £12,000 and £25,000 who struggle to meet the day-to-day cost of living.
The authors of the report, Widening the rental housing market, predict that millions of in-betweens will face a lifetime of renting on short-term tenancies, which they believe could prevent long-term life planning.
The CIH is calling for housing providers to develop a wider range of rental models, including intermediate rents.
It believes a more flexible rented sector would lead to more stable mixed-income communities.
Sarah Webb, CIH chief executive, said: ‘The report shows that home ownership is out of reach for a lot of people and we need to move to a situation where renting is a positive choice.
‘A golden age of home ownership is coming to an end. The time has come to move away from the notion of ‘right-to-buy’ and ‘wrong-to-rent’.’