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RENT IN THE UK ‘UNAFFORDABLE’ FOR OVER A THIRD OF HOUSEHOLDS

Published on:July 17, 2013Author:The Debt Advisor

According to a new report by the Resolution Foundation, rent is becoming unaffordable for a third of UK families.

The report found that even a very modest rental property in the UK is out of reach for Britain’s 1.3 million low income families.

The report also showed that there has been an increasing demand for private renting, as families struggle to save a deposit to buy a house but do not qualify for council housing.

It outlined that in125 of the 376 local authorities in Britain, a couple with one child and a net income of £22,000 a year would have to spend 35% of their income to rent the cheapest two-bedroom property. In 38 local authorities, they would have to spend over half of their income. According to the Financial Times, rent which is over 35% of a family’s income is considered “unaffordable”.

Many families are being pushed into financial difficulty by the lack of affordable housing combined with recent changes to the benefit system.

If you find that you’re struggling with debts such as loans, credit cards, payday loans or other debts, you should speak with us today to discuss the options available to you.

We can advise on all kinds of solutions such as Debt Management Plans (DMP)Individual Voluntary Arrangements (IVA)and bankruptcy.

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