People in Yorkshire and the Humber paying almost £30,000 for five years rent

Published: Friday 4th March 2016 by KCFM

Comments (0)

People renting in Yorkshire and the Humber are caught in a “rent trap” according to homelessness charity Shelter.

Renters in the region have paid an average of £29,808 to their landlord since 2010, which is enough for a first-time buyer to secure a 20% deposit on a two-bedroom home.

In Hull, people spent nearly £25,000 on five years’ rent, worth a 17% deposit on a two-bed house. And in the East Riding, that figure rose to nearly £28,000, which makes a 19% deposit on a two-bed home.

Shelter’s now calling on the government to commit to investing in homes which people on ordinary wages can afford to rent or buy.

Campbell Rob, Shelter’s Chief Executive, says: “When five years of rent could get you the deposit on a house, it’s no wonder that renters in Yorkshire and the Humber feel like they’re getting a raw deal, paying through the nose for something they can never call their own.

“Our drastic shortage of affordable homes is leaving millions of people stuck in their childhood bedrooms in a bid to save money, or in expensive and unstable private renting, with little hope of ever saving for a home to put down roots in.

“It doesn’t have to be this way – the government can turn things around by investing in homes that people on ordinary wages can actually afford to buy, or rent for the long-term.”

KCFM

Published: Friday 4th March 2016 by KCFM

Comments (0)

Local business search