As housing costs increase disproportionately to wage growth, it is increasingly difficult to own your own home. At the end of 2023, the average house price was 8.1 times the average income in England and Wales, according to ONS data. And we are not building enough new homes. As a result, the number of people still renting or paying off a mortgage in retirement is likely to increase significantly over the next 20 years. In fact, if the current trajectory continues the proportion of retirees who own their homes is set to fall from 78pc to 63pc by 2041 and the proportion living in private rented accommodation is set to rise from 6pc to 17pc, according to analysis by think-tank the Pensions Policy Institute (PPI). The consequences for future generations of British pensioners are stark. Either paying rent in your retirement, or paying off a mortgage if you don’t yet own your home outright, is a significant outgoing at a time when your income has dried up. High housing costs in later life will also limit how much can be saved into a pension. A single person needs an income of £31,300 a year for a moderate retirement or £43,100 for...