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Home ownership decline will cost government £8bn in benefits, says think tank

Declining home ownership will cost the government an extra £8bn in housing benefits for the elderly by 2060, a think tank claims.

The Strategic Society Centre claims that projections of declining owner-occupier rates could cost the government billions more in benefit payments.

The report argues that debate on declining rates of home-ownership must recognise the long-term implications for public spending.

It states that given the future public cost it is legitimate for the government to take aggressive measures to boost rates of home-ownership now.

Author James Lloyd, director of the SSC, believes the buy-to-let sector and individuals buying second homes will cost the public purse in the long run and warrants action.

The report states: “Although the current rules around ownership and property-taxation enable some individuals to own multiple properties, such behaviour will impose significant costs on the Exchequer in the long-term, and policymakers therefore have a legitimate reason to implement strident measures to reduce such activities.”

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