Thursday, October 13, 2011
Time for a Rent Price Crash too
Private rents are now unaffordable in 55% of local authorities in England, the housing charity Shelter has said. Homes in these areas cost more than 35% of median average local take-home pay. Chief executive Campbell Robb said: "We have become depressingly familiar with first-time buyers being priced out of the housing market, but the impact of unaffordable rents is more dramatic. "With no cheaper alternative, ordinary people are forced to cut their spending on essentials like food and heating, or uproot and move away from jobs, schools and families." Housing Minister Grant Shapps said the government recognised the importance of private landlords in providing homes.