Average rents in the UK have hit a record high – especially in London and the South. Many renters pay well over a third of their income in rent and have little hope of ever being able to save enough to buy a place of their own. But despite the high price, renters are not receiving high quality returns: in many parts of the country, rented housing quality is poor, especially at the cheaper end of the market.
House prices have hit a new high too, and with the Bank of England using interest rates to try and curb inflation, many borrowers have seen their mortgage repayments increase. Just over a third of Brits are concerned about being able to pay their mortgage or rent now, and more people than not are worried as to whether they’ll be able to afford their rent or mortgage 12 months from now.
Renters need protection from eviction and rent increases that they cannot afford. They need stronger rights and higher standards. Homeowners worried about losing their home or struggling with payments need immediate financial support as interest rates continue to rise to help them weather the storm. And there has to be the investment and policies in place to support a new era of council housing in order to increase the number of homes at social and affordable rent, and ensure there are sufficient good-quality homes available and affordable for key workers in every region.