Parent Rent Trap

News at Newton Fallowell | 02/04/2019



 

  • Nearly half (49.2%) of all babies were born into rented homes in 2016/17, according to a new report by Royal London, up from just one in three in 2003/04.
  • The average age for first-time mums and dads is 29 and 33 respectively, while the average age of a first-time buyer is now 34. The so-called ‘generation rent’ is becoming ‘generation parent’.
  • The number of families with children who are living in privately rented homes has risen by 94% in the decade to 2016/17, with 1.8 million families now in the sector. The North East and Yorkshire and the Humber are the regions which have seen the largest proportional increases.
  • While some may make this lifestyle choice, there is a concern that many households may become caught in the ‘parent rent trap’, as renters pay on average more of their monthly income on housing.