72% of renters say they could only own a home by winning the lottery

The dream of buying a home is so remote for renters that 72% say they would need to win the lottery to achieve it.

The findings are from a poll by YouGov for the new Affordable Housing Commission, which launches today to examine the causes and effects of the affordability crisis and propose solutions.

The commission, which will include ’15 leading players from the housing world’ will examine whether the existing definition of affordable housing is fit for purpose, amid growing calls for it to be scrapped.

They say they have seen examples of homes priced at £1m being marketed as ‘affordable’ homes.

The survey also revealed that as a result of housing costs, 47% of renters have faced financial difficulties such as borrowing to meet basic expenses, being unable to save or struggling to pay household bills.

For the majority of those surveyed the picture is set to become bleaker still. Six in ten (59%) renters believe that housing costs will become less affordable over the next decade with just one in ten (11%) believing that costs will become more affordable.

Four in ten renters (39%) also stated that they would not be able to meet their housing costs for longer than a month if they or their partner lost their job, and one in four (39%) indicated that they would have to wait for the death of a family member to become homeowners.

Lord Best, Chair of the Commission, said: ‘The survey results hammer home the extent of our national affordable housing crisis. This is no longer a problem confined to a few housing hotspots, but is recognised as an issue by people of all ages and income levels across every region.

‘The scale of this challenge demands we stop tinkering and build a consensus around some bold solutions. Over the coming months the Affordable Housing Commission will be speaking with the public and discussing with housing professionals what these big interventions to tackle the housing affordability crisis should be.’

The commision is funded by think tank The Smith Institute with the support of the Nationwide Foundation.

Research published last month by London Assembly member, Sian Berry, found that 33,000 affordable homes have been lost across London in two years due to missed planning targets.