Over A Million Renters Priced Out Of Home Ownership in Coalition Years

1.26 million private renters have been priced out of home ownership since the coalition government came into power in 2010, campaign group PricedOut has claimed. 3.8 million private renters are unable to afford the average first home, according to the latest PricedOut Index. The research analyses the HMRC’s percentile breakdown of UK taxpayer incomes, the English Housing Survey’s income profile of private renters, and the ONS’ latest House Price Index to work out how many people could afford the average first home, based on the assumption that a home is affordable if it is no more than four times household income. According to its analysis, a household would require an income of £51,250 to afford the average first home of £205,000, but HMRC figures show that 69% of dual income households earn less than this – the equivalent of 3.76 million private renters who pay income tax. Read more on the Housing Excellence website.