The cost of renting a home in England has hit a 'crisis point'. (Image: Getty)
The cost of renting a home in England has hit a “crisis point” but the solution is “blindingly obvious”, according to former Housing Secretary Robert Jenrick.
The ex-immigration minister wants more homes built and says net migration should be brought down to the “tens of thousands” to ease demand.
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His warning comes as research by the Adam Smith Institute shows that the average renter in England has to work 125 days to earn enough before tax to cover their annual bill to their landlords.
Mr Jenrick – who resigned last year because he did not believe the new law to stop legal challenges derailing the scheme to send illegal migrants to Rwanda would be tough enough – is widely seen as a likely contender in a future Tory leadership contest.
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He said: “This is a stark reminder to the Westminster bubble of just how distorted and unaffordable the rental market has become. We are at a crisis point where living standards are falling and younger generations are unable to save.
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“The solution is blindingly obvious. We need to build significantly more homes, particularly in London, to boost supply and we urgently need to cut net migration to the historical norms of 10,000s to ease demand.”
The average monthly rent in England hit ￡850 in the 12 months to September – the highest on record. This ranged from ￡1,625 in London to ￡550 in the North East.
Fellow former immigration minister and ex-Tory chairman Sir Brandon Lewis also sounded the alarm, warning high housing costs may be stopping couples having children.
He said: “The housing crisis is one of the single greatest issues facing the UK. High-skilled professionals are being priced out of our most productive towns and cities, young couples may feel unable to afford to have another child, and sky-high rents are eating into workers’ pay packets.”
Sir Brandon said Conservatives should be “genuinely concerned," and pushed for them to make increasing housing supply a “key plank” of the manifesto for the coming general election.
He said: “It’s no wonder our young people are unable to save to get onto the property ladder.”
Former Home Secretary Priti Patel also sounded strong concern, saying: “We need to see a return to a property-owning democracy with new measures brought in to boost housing supply and help more people get their first steps on the property ladder. When more people are able to own their homes they have a strong stake in the community they live in and the security that comes with owning an asset.”
And former minister for London Paul Scully warned of an “existential” threat to the Tories.
He said: “The consequences of any failure to address the root causes of this issue are existential.
As young people increasingly feel as though their hard work goes unrewarded, they will lose faith in markets.
“And if we fail to empathise with their struggles, we risk an entire generation turning their back on the Conservatives for years to come.”
The Adam Smith Institute has suggested “releasing all green belt land within a ten minute’s walk of a railway station for development”.
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James Lawson, the chairman of the think tank and author of the report, said: “England’s housing market is not operating as a free market – the UK is shackled by regulations and an incentive structure that empower Nimbys.”
A Government spokesman said: “Our landmark Renters (Reform) Bill is progressing through Parliament and will introduce a new ombudsman so tenants can escalate complaints and hold landlords to account.
We are on track to build one million homes in this Parliament, backed by billions of pounds worth of investment, and our long-term plan for housing will ensure we build even more of the right homes in the right places.”
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