High housing costs 'hitting people hard'

Posted: 20 Jun 2011 12:03:16 GMT

The cost of renting and running a home is having a considerable impact on personal finances, it has been found.

High housing costs are having a significant impact on the day-to-day finances of many people in Britain, new figures have shown.

A study carried out by YouGov for the Chartered Institute of Housing (CIH) - which is a registered charity with a membership of more than 22,000 individuals in over 20 countries across five continents - revealed 21 per cent of those questioned are spending more on their abode than they can afford.

Indeed, the investigation revealed that individuals renting property in London are left with as little as 25 per cent of their net income after spending on their accommodation - which includes council tax, utility bills and insurance.

Moreover, 32 per cent of those residing in Yorkshire and Humberside said they are struggling to keep up with housing costs.

Sarah Webb, chief executive of CIH, said: "We already know that the deposit barrier means more people are becoming part of 'generation rent' whether they want to or not."
 

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