Tenants seek help over increasing rents
As private rents continue to rise, many tenants, already priced out of property ownership, are now struggling to meet the associated costs of renting.
Rents have increased 37 per cent over the last five years and expected to come in at 27 per cent higher in 2017 than current rates. This has led to 417,830 working people to seek Government assistance over the course of the last three years, according to latest figures from the National Housing Federation (NHF).
The NHF is citing a significant lack of house building as the reason for this struggle; last year only 111,250 new properties were built while 390,000 new households were formed. House building is at its lowest rate since the 1920s and demand is definitely outweighing supply.
David Orr is the Chief Executive at the NHF:
“We now have millions of families struggling to keep on top of their rents, priced out of the housing market, and nearly 10,000 more working families every month are now reliant on housing benefits to help pay their private rent. These people are the ‘strivers’ the Government wants to help, yet their future is looking bleak.
“This cannot continue – we need action now to address the causes of rising housing costs, not just the symptoms. Only by addressing the chronic undersupply of new homes can we stem the financial pressure on families and Government.”
Content correct at time of publication