The Resolution Foundation released a report a week after the English Housing Survey found that two-thirds of private and social renters could not afford to buy their own home.
'The Impact of rising housing costs on UK living standards' report shows that London isn’t the only city suffering a housing crisis. Home ownership fell sharply in Sheffield, Leeds and Greater Manchester. Home ownership in Greater Manchester is 57.9%, a fall of 14.5% since 2003, while in Outer London, ownership has fallen from 13.5% to 58%.
Stephen Clarke, policy analyst at the Resolution Foundation: “London has a well-known and fully blown housing crisis, but the struggle to buy a home is just as big a problem in cities across the North of England.”
In May of this year, the average UK house price stood at a record £211,230 (£227,000 in England). The Foundation said house prices had risen sharply during times of weaker wage growth and a lower supply of new housing.
Clarke urged Theresa May to take action on prices. “The shift to renting privately can reduce current living standards and future wealth, with implications for individuals and the state,” he said.
Resolution Foundation:
Download the report
GOV.UK: English Housing
survey
