Later Life  

Generation rent face £43bn shortfall in retirement

“Many renters relying on pensions will qualify for housing benefit which will put greater strain on the public finances. 

“The government can prepare for this by ensuring it delivers on its plans for 300,000 homes a year in order to bring rents down.”

Chancellor Philip Hammond pledged in his Budget speech on 22 November he would “tackle the housing challenge”.

A total of £44bn of capital funding, loans and guarantees will be committed to the housing market over the next five years, Mr Hammond pledged.

Alongside this the government will undertake a review to look at the gap between planning permissions and housing starts.

The government aims to deliver 300,000 net additional homes a year on average by the mid-2020s.

Cheslehurst-based IFA Chris Boylan said: “More and more people are having to plan further when it comes to their retirement.

"Most of my clients are homeowners but there are some who are renting as well. It’s all about planning ahead in time and [appropriately]. Everyone’s situation is different."

carmen.reichman@ft.com