Government urged to help tenants
A think tank has urged the Government to introduce tax concessions for landlords who offer long-term tenancies at lower prices for vulnerable young people and families.
The Joseph Rowntree Foundation has warned that action needs to be taken as it predicts as many as 1.5 million further 18 to 30-year-olds will be living in rented accommodation in the next eight years.
The number of people aged under 25 that have nowhere to live is expected to rise to 81,000 during this timeframe, with half a million young people having to live with their parents well into their 30s.
The Joseph Rowntree Foundation went on to warn that as many as 400,000 young people could be "excluded completely" if no action is taken to improve the rental market and build more properties.
It pointed to models in other countries, whereby tax concessions helped to encourage landlords to offer cheaper rents and longer deals, as a solution to the problem. Tax breaks could also help make buy-to-let mortgages more affordable, the thinktank's report concluded.
Other gestures, such as seeing more local letting agencies working with vulnerable young people, could also help to address the issue.
David Clapham, who wrote the report, said: "With 1.5 million more young people no longer able to become home-owners by 2020, it's vital we take the opportunity to make renting work better."
Copyright Press Association 2012