84 per cent increase in people struggling to pay the rent

Debt advice charity helpline National Debtline has received an 84 per cent increase in the number of people calling for help with rent arrears since the onset of the credit crunch

Related topics:  Finance News
Millie Dyson
29th September 2011
Latest News
More and more people are joining the renting market each year, with few able to leave the market by getting a mortgage.

The English Housing Survey released in February showed that the number of people renting in England had increased by around 40 per cent since 2005.

With relatively few new homes being made available this has lead to a situation where demand is outstripping supply and prices are rising very quickly.

Joanna Elson OBE, Chief Executive of the Money Advice Trust, which runs National Debtline, said:

"It is clear high rent costs are becoming more and more difficult for people to meet. 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.

"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 and lengthen the spiral into higher and higher rent costs.

"On top of those people who call National Debtline with specific problems in affording the rent, there will be even more who are cutting back sharply elsewhere to make sure they can cover rent payments.

"This in turn can lead to other debt problems, with credit cards, overdrafts and loans being relied upon to pay for food and other essentials.

"Anyone who is struggling to pay the rent should call National Debtline or visit My Money Steps online to get some free, confidential, independent advice."
More like this
Latest from Property Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.