Housing crisis creating more poverty-stricken families
As the government continues failing to act on the housing crisis, more and more working families are facing poverty, despite an economy that has continued to grow since 2010.
It’s hard to believe sometimes that the UK, with its vast wealth and international influence, is facing a growing poverty crisis. With recent news of a multimillion-pound refurbishment of Buckingham Palace amongst other huge expenditures from tax-payers’ money, you wouldn’t be mad to think that the country is in excellent financial form.
In reality, however, it is perhaps shameful for the average Brit to learn that despite being a part of a working household, 7.4 million people are living in poverty, despite 3.8 million of those actively working.
In the private rented sector alone, the numbers of those living below the breadline has doubled in less than 10 years, according to research by the Joseph Rowntree Foundation. The charity believes that the combination of rising rents, stagnating wages and continuing austerity measures aimed at reducing worker’s benefits are the prime catalyst behind the circumstances within which the UK has found itself.
While Prime Minister Theresa May has made a point in Parliament of reminding MPs that life outside Westminster is not all wine and roses, her plan for tackling the crisis has not yet been put forward.
With a lack of affordable housing, many working families have found themselves stuck in rented properties, even with both parents working – and unless the trend is bucked by an injection of funding into the relevant industrial sectors, property selling experts believe that the situation is unlikely to improve any time soon.
“Sky-high rents are pushing more and more people to the brink as they struggle to find somewhere to call home,” said Campbell Robb, chief executive of housing charity Shelter. “This Christmas, over 120,000 children in Britain will wake up homeless.”
“Clearly something has gone very wrong when so many families, despite working hard, are struggling to keep their heads above water.”
This is bad news for society and the housing industry as a whole, considering it is often buoyed by consumer confidence. With fewer potential homeowners able to make the jump to home ownership, those looking to sell their homes fast will find themselves either lowering their asking prices considerably, or face a long wait for a potential buyer to make an offer.
Property buying companies are always happy to purchase any home for cash in these situations, which can be of great help to those looking to sell fast, but for now the focus is on the Conservative government and how it plans to rescue the country from its continued financial downfall.
Worried about not being able to sell due to a struggling society? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.