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Rising rents ‘tipping bank of mum and dad over edge’

Rising rents ‘tipping bank of mum and dad over edge’ (Renting - House / Flat)

by administrator @, Wednesday, November 06, 2013, 13:21

Britain’s housing crisis is putting parents under more financial strain than ever to ensure their struggling adult children can rent a home, a new survey has revealed.

A ComRes poll of parents for the National Housing Federation shows there are now nearly as many parents paying some of their adult children’s rent as there are helping them to buy a home. Adult children are now also asking parents for money towards rental deposits as the severe shortage of housing pushing housing costs up.

Private rents in England are now an average of £629 a month and are predicted to rocket 44% 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:

* 13 per cent of parents help with money towards rent
* 9 per cent of parents help with money towards a deposit to rent a property
* 16 per cent of parents help with money towards a deposit to buy a property
* 7 per cent of parents help money towards 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 we need more homes that they can afford.

National Housing Federation Chief Executive David Orr (pictured) said: “The housing crisis 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 around the country 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.”

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