NEARLY one million more families are living in privately rented housing than a decade earlier - raising concerns that it is becoming “utterly impossible” to create stable a future for many.
Stark figures on the housing market have been laid bare in the English Housing Survey, a annual report compiled by the Department for Communities and Local Government.
It said the number of families with dependant children living in privately rented accommodation rose seven per cent from 30 per cent 2004/05 to 37 per cent 2014/15 - the equivalent of 912,000 households.
In total, 1.6m families are now privately renting - accounting for more than a third of privately rented households.
What’s more, the number of private renters who expect to buy has declined from 61 per cent in 2013/14 to 57 per cent in 2014/15.
Campbell Robb, chief executive of Shelter, said: “These figures are a stark reminder that for millions of families and young people it’s becoming utterly impossible to create a stable future in a place they can really call home.
“Instead of being able to put down roots, more and more people are stuck spending vast amounts of their income on rent.”
The report also offered insights into house buying, and found that the decline in home ownership that had marked the last decade has now grown to a halt - but only marginally.
In 2014/15, 63.6 per cent - or 14.3 million - households in England were owner occupiers, slightly up from 63.3 per cent the previous year.
The number owning their home outright without a mortgage has increased, while the average age of a first time buyer has also increased - from 31 years to 33 years old. Out of the 14.3 million home-owning households, 7.5 million owned their home outright with no mortgage in 2014-15, while 6.8 million had a mortgage.
Housing Minister Brandon Lewis said more than 270,000 families were helped into home ownership through Government-backed schemes since 2010.
He continued: “We’ve set out the boldest ambition for housing in a generation, doubling the budget so we can help a million more people into home ownership, while delivering a bigger, and better private rental sector.”