Homeownership Drop to Create £8bn Benefit Bill

The cost of housing benefit for elderly people will soar by £8 billion a year by 2060 unless steps are taken to address falling homeownership, a think tank has warned. The Strategic Society Centre predicts there will be 3.45 million pensioners claiming housing benefit by 2060 costing the state £13.45 billion a year in today’s prices. It used projections of homeownership rates and government forecasts on the size of the pensioner population in 2060 to come up with the figures. Read more on Inside Housing.