According to the Resolution Foundation, ministers must intervene to manage housing delinquency accumulated during COVID-19 and reduce the risk of eviction and homelessness by over 750,000 British households, including 300,000 with dependent children.
The think tank urges the government to introduce a Spanish-style lending scheme to provide tenants with space to breathe and to prevent courts from being overwhelmed by overwhelming reowning cases.
The UK’s housing delinquency crisis is likely to get worse in the coming months, warning that despite the vaccine launch, the ceasefire ends and the 20 universal credit charge per week is further pressing family incomes.
As the courts attempt to deal with the backlog, they say there is a chance that claims will increase in the coming months. This is a daunting prospect for a system that was already under stress before the pandemic.
The Think Tank is not just a mess, it is ministered to create a 375 million tenant loan plan for families struggling with personal and social rental arrears in the UK, using models introduced in Wales and Scotland since first developed in Spain. I urge them.
Under the Spanish system, applicants must have no pre-Covid-19 rental arrears and must prove difficult to get assistance. In Wales, you can pay off your loan over five years at an interest rate of 1% APR. According to the Resolution Foundation, only 22 loans have been approved in Wales since October.
According to a January 2021 survey of over 6,000 working-age adults in the UK, the British Foundation estimates that more than 450,000 UK households have lag behind rent or mortgages since the epidemic began.
In January 2021, nearly 1 out of 10 households in the social leasing sector lag behind, but only 6% of private rental homes and 2% of mortgage homeowners.
Private tenants are much more likely to have lost their income in the past 10 months than those with mortgages. More than twice as many private landlords than mortgage owners entered the epidemic without savings.
Although 1 in 10 households with mortgages were able to take advantage of mortgage vacation, only 3% of private rental families were able to negotiate a lower rent in the last 10 months (an additional 5% were denied).
Lindsay Judge, Research Director of the Resolution Foundation, said: The UK is currently facing a delinquency crisis as a result of the epidemic, with more than 450,000 families lagging behind home payments.
Tenants were particularly badly hit. Many people have taken a huge blow to their income, limiting the savings they can revert. To make matters worse, measures to ease pressures such as voluntary housing payments by local authorities and negotiated rent cuts from landlords are not reaching those in need.
This situation will worsen without significant government intervention. Ministers should take action by strengthening the DHP system and introducing a tenant loan system across the UK to relieve pressure on tenants, landlords and courts.
Meera Chindooroy, Deputy Director of Policy for the National Residential Landlords Association, said: We welcome today’s report to agree on the need for tenant hardship loans to address the rental debt crisis we are currently facing. Simply banning re-owning does nothing to address this fundamental problem that tenants and landlords struggle to cope with.
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