Mass immigration has fuelled a 23 per cent rise in rent prices, a new study claims.
Young British nationals are struggling to not only get on the housing ladder but are now being priced out of the renting market, a damning report has found.
The study found that 33% of renters are now born overseas and this figure is set to rise as over half a million migrate to the UK each year and supply has failed to keep up with demand over the last decade.
Last night Migration Watch boss Lord Green accused the Government of being “in denial” about the massive impact of immigration on the housing market and demanded immediate measures to reduce demand for housing and increase supply.
Foreign born heads of households now account for a third of all rented homes; this is up from a fifth since 2000.
Migrant Watch UK claims the only winners are landlords, who have profited from the rocketing demand in the rental sector by hiking bills. Interestingly it is thought between 70-80% of current MPs are classed as landlords, owning at least two properties.
Young Brits have been punished the most, facing sky high rents, making it harder to save for a deposit and leaving youngsters living with their parents longer into their 20s, 30s and even 40s.
The charity ‘Shelter’ suggest that three in five 18-44 year-olds in Britain say they’ll be forced to put their lives on hold as a result of the housing crisis.
The share of 25-34-year-olds in England living in privately rented homes has nearly doubled over the past decade – while the proportion of homeowners in the same age bracket fell from 57 per cent to 38 per cent during the same period.
The study has found that soaring rent prices is down to mass immigration. The Migration Watch report suggests that the rapid growth in the migrant population has put a “huge strain” on the housing stock.
Migration Watch boss Lord Green accused the Government of being ‘in denial’ about the massive impact of immigration on the housing market, a subject often ignored by the mainstream media.
“While the older generation have been able to sit back and watch their properties shooting up in value, it is younger people who have mainly suffered the consequences with sky high rents and little prospect of owning their own home.
“This is frankly indefensible. The time has come for firm measures to address the demand for housing as well as its supply, and to acknowledge and deal with one of the main drivers of demand for housing.
“Otherwise, we will not only fail to meet demand but our young people will continue to bear the brunt of the housing crisis.”
Many migrants have set up home in the UK after former Labour leader Tony Blair opened the floodgates to eastern Europe, net migration has totalled 2.5m in the last decade alone with no sign of this slowing down. Residents of many towns and cities are becoming increasingly concerned about areas turning into slums, particularly where buy-to-let landlords buy up properties and split them up into as many rooms as possible to increase renting opportunities.