Sky-high housing costs leave five million stuck in the ‘rent-trap’
Two thirds of private renters in England – the equivalent of five million people – are unable to save a penny towards a deposit for a home of their own, leaving them stuck in the ‘rent trap’.
These new figures from Shelter also highlight how this problem has worsened, with the proportion of renters in England who are not saving anything towards a deposit jumping by 13% in just the last two years.
Of those planning to buy their own home, more than a third (35%) think it will take them over a decade to save enough for a deposit.
Government figures show that ‘generation rent’ spends an average of 40% of their income on rent each month, and Shelter is warning that sky-high rents and swelling house prices are leaving millions priced out and unable to put anything aside for a home of their own.
Ami from Leicester told Shelter ‘It’s incredibly demoralising that so much of our money is eaten up on rent. No matter how hard you work or what you earn, at the end of the month there’s virtually nothing left to put towards a deposit.
‘Like any mother, I just want my daughter to have a secure future – but with house prices going up and up it’s getting harder and harder to keep that dream alive. At this rate, I don’t see how we’ll ever be able to afford a home of our own.’
Campbell Robb, chief executive of Shelter said ‘The prospect of a stable home is becoming a distant dream for far too many young people and families. Instead they’re facing a lifetime of moving from one unstable and expensive rental property to the next.
‘Politicians must meet people half-way by taking real action to build the affordable homes this country desperately needs, and give ‘generation rent’ the chance to put down roots in a place they can call home. If they don’t, things are only going to get worse for future generations.’
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