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Rising South West Rents Tipping Bank of Mum and Dad Over Edge
Britain’s housing crisis is putting parents under more financial strain than ever in the South West. Against a background of soaring housing costs, parents are forking out just so their struggling adult children can rent a home, a new survey reveals.
A ComRes poll of parents1 for the National Housing Federation shows that in the South West there are more parents paying some of their adult children’s rent than there are helping them buy a home. Adult children are now also asking parents for money towards rental deposits as the severe shortage of housing pushes rents up.
Private rents in the South West are now an average of £610 a month and are predicted to rocket 49% by 2020 to £906 a month2. This raises the prospect of parents having to dip into their savings and delay their retirement plans just so their children can live independently.
The survey found that, of parents who provide some form of financial help to their adult children living away from home, more than one in ten help with money towards rent or towards a deposit to buy a property, while smaller proportions help with money towards a deposit to rent a property or mortgage repayments.
With thousands locked out of home ownership and struggling with rents, the Yes to Homes campaign is asking people and families to speak up and say they want more homes they can afford.
If the projected regional increase occurs equally across all areas, Bath and North East Somerset UA would see the steepest increase in rental prices in the South West by 2020. The 10 worst affected areas would be:
1. Bath and North East Somerset UA – up £409 a month* by 2020 to £1,253
2. Cotswold – up £379 a month* by 2020 to £1,161
3. East Dorset – up £373 a month* by 2020 to £1,143
4. Christchurch – up £360 a month* by 2020 to £1,102
5. Exeter – up £347 a month* by 2020 to £1,064
6. Poole UA – up £346 a month* by 2020 to £1,060
7. City of Bristol UA – up £330 a month* by 2020 to £1,010
8. Bournemouth UA – up £327 a month* by 2020 to £1,002
9. Purbeck – up £322 a month* by 2020 to £984
10. Dorset – up £319 a month* by 2020 to £976
*based on four weeks’ rent
National Housing Federation External Affairs Manager for the South West, Catherine Brabner, said:
“The housing crisis in the South West is having a domino effect through family generations because young people in decent jobs are relying on their parents just to rent a home – never mind save for a mortgage deposit. This is putting pressure on parents who are picking up the tab because for decades we haven’t built enough homes.
“We need to start building quality homes for the right prices in the right places – otherwise rents will continue rising, young people will continue struggling and the Bank of Mum and Dad will eventually go bust.
“But families in the South West don’t have to wait for the Government to make this change. If people reach out to their councillors and tell them about their housing concerns, communities can get the homes they desperately need.”
For more information on the Yes to Homes campaign and how communities can get their voices heard, visit www.yestohomes.co.uk.
: 06/11/2013 10:59:03
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