Ever feel like your landlord charges so much that you work Monday to Wednesday just to pay someone you never see? If it’s any consolation, you’re not alone, but new evidence shows that long-term renting can take a toll on family life.
About two thirds of people in Britain own their houses – the lowest level since the mid-80s. The remaining third are finding it harder and harder to buy a house as banks are reluctant to lend them the money and house prices continue to go up – by £90 a day if you live in London and can believe the Daily Mail.
A new report by Shelter, the housing charity, says that 1 in 10 renting families had to change their children’s school because they could not afford to stay. Nearly three quarters of families (and 63% of all renters) said that they were behind with their rent or having difficulty paying it.
The charity made a bunch of recommendations, such as limiting rent increases for five years to the cost of living, but to cut a long story short, Britain has such a big housing problem because there aren’t enough. Housing prices increased in April at the fastest rate for a year (0.9% compared to the year before), which is great news for owners, but a right bummer if you are looking to buy. The average price is now £165,586.
Bottom line: there are many proposed solutions to fix Britain’s housing crisis, but the only one that’s really going to work involves building more.