Housing rents set to soar for West families
The Government's failed house-building programme is to add soaring rents to a crisis which has already placed buying a home outside the reach of many Westcountry families, a leading housing group has warned. A slump in construction is predicted to send rents soaring by up to 48% across parts of the region by 2020, leaving thousands forced to rely on housing benefits, a new report warns.
The cost of renting is expected to surge to £1,064 per month in some areas, a rise of £347 a month, according to the National Housing Federation (NHF).
Meanwhile, the unpredictable property market has seen large rises and falls in the numbers of house sales in hotspots across Devon and Cornwall – up 43% in some places and down 20% in others.
The NHF has delivered a bleak assessment of the market, where private sector rents will outstrip the rise in house prices, putting the prospect of renting a home out of many families' reach.
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Jenny Allen, regional manager for the NHF, said: 'If we don't urgently fix the housing market we will have a generation who are priced out of renting a home, let alone buying one."