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Many people 'struggling to pay the rent'

Posted: 30 Sep 2011 15:45:26 GMT

Property News - Many people 'struggling to pay the rent'

Paying the rent is proving difficult for many Brits.


An increasing number of people in Britain are finding it difficult paying the rent every month, new research has shown.

National Debtline, which runs the Money Advice Trust, found a significant swell in the number of people calling in for help regarding issues with rental arrears of late.

Indeed, the organisation revealed it has seen an 84 per cent leap in such activity since the very beginning of the global economic downturn in 2007.

The body noted greater numbers are looking to rent property at present because many people are finding it difficult to obtain a mortgage.

It observed a recent English Housing Survey showed the number of individuals living in such accommodation has leapt by around 40 per cent since 2005 and said the amount is growing as a result of a lack of new builds being made available.

This has led to a situation where demand continues to outstrip supply, which is helping to drive related prices up at a significant speed.

Joanna Elson, chief executive of the Money Advice Trust, said it is clear people are finding it increasingly difficult to meet rising rent costs.

The industry figure stated: "A few years ago many people in today's rent market would be planning on buying their first home, but now it seems they are struggling to even pay the rent."

She added: "The chances of these renters being able to save the many thousands needed for a deposit are very slim indeed, which will only increase the demand for rental properties."

The findings follow a similar sentiment to have emerged from a recent study carried out by LSL Property Service.

According to the research, the speed at which rents are rising throughout the UK is the highest it has been in 12 months, with the average tenant forking out £713 a month.
 

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