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High rent prices unaffordable for less fortunate Britons

 
 
 
 
 
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A report has found that a third of low-to middle-income British families are unable to afford paying private rents for homes since the rise in rent costs.

The think-tank Resolution Foundation said the British government’s plans to kick-start the housing market would do little to help low income families who are being forced to rent privately.

This comes as in the recent years; competition for renting homes caused prices to soar.

The Home Truths report said that in 125 of the 376 local authorities in the UK, a couple with an annual income of £22,000 a year and one child would have to spend over 35 percent of their income to rent the least expensive two-bedroom property, making it unaffordable to live there.

While in 10 percent of local authorities, the same family would have to spend more than half of their income on rent fees.

Not only do high rents affect London and the south-east, but create “affordability black spots” across the country, according to the report. Aberdeen, Exeter, south Cambridgeshire and Warwick are all places where private rents are more than 35 percent of a yearly income for a low-income family, even on a modest property, it said.

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