Four In 10 Under 30S Are Committed To Rent Contracts Exceeding 30 Of Pay Property Rental

Four in 10 new tenants are locked into expensive new contracts that exceed 30% of their pay, a level housing groups have said is too much to manage. Research by property consultancy Dataloft found that while London has the highest rent levels in Great Britain, in places such as Rotherham, Bolton, Salford, Walsall and Dudley, affordability is the worst for young people from the start of the coronavirus pandemic. The data suggests that under-30s spend more of their earnings on rent than other working age groups. With a lifestyle that means they are less likely to have dependents and more willing to move, many believe they can afford to pay more for rent. Skyrocketing rents, which agents and property companies blame for the lack of supply, are forcing potential tenants to offer above asking price or renew deals at much higher levels as people are willing to offer more than listed price only to secure ownership. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. The rental crisis facing the under-30s is adding to pressures on their finances as households face rising energy and food bills, with inflation at a 40-year high. Nick Gallant, professor of housing and planning at University College London, told the BBC that young people being locked into expensive rents now could cause future problems because “their lives are progressing but they have to live with instability and insecurity”. He said: “Despite all the economic problems, house prices and rents continue to rise.” In one in six local authorities across England, Wales and Scotland for which enough data was available, most new tenants spent more than 30% of their earnings on housing, according to Dataloft’s analysis of the year to the end of June. The Department for Upgrading, Housing and Communities said it recognized that people were facing cost of living pressures and paying rent was likely to be a tenant’s biggest monthly expense. “That is why we have taken action through the £37bn support package to help households with rising costs,” he said.

title: “Four In 10 Under 30S Are Committed To Rent Contracts Exceeding 30 Of Pay Property Rental Klmat” ShowToc: true date: “2022-11-02” author: “Donna Olson”

Four in 10 new tenants are locked into expensive new contracts that exceed 30% of their pay, a level housing groups have said is too much to manage. Research by property consultancy Dataloft found that while London has the highest rent levels in Great Britain, in places such as Rotherham, Bolton, Salford, Walsall and Dudley, affordability is the worst for young people from the start of the coronavirus pandemic. The data suggests that under-30s spend more of their earnings on rent than other working age groups. With a lifestyle that means they are less likely to have dependents and more willing to move, many believe they can afford to pay more for rent. Skyrocketing rents, which agents and property companies blame for the lack of supply, are forcing potential tenants to offer above asking price or renew deals at much higher levels as people are willing to offer more than listed price only to secure ownership. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. The rental crisis facing the under-30s is adding to pressures on their finances as households face rising energy and food bills, with inflation at a 40-year high. Nick Gallant, professor of housing and planning at University College London, told the BBC that young people being locked into expensive rents now could cause future problems because “their lives are progressing but they have to live with instability and insecurity”. He said: “Despite all the economic problems, house prices and rents continue to rise.” In one in six local authorities across England, Wales and Scotland for which enough data was available, most new tenants spent more than 30% of their earnings on housing, according to Dataloft’s analysis of the year to the end of June. The Department for Upgrading, Housing and Communities said it recognized that people were facing cost of living pressures and paying rent was likely to be a tenant’s biggest monthly expense. “That is why we have taken action through the £37bn support package to help households with rising costs,” he said.

title: “Four In 10 Under 30S Are Committed To Rent Contracts Exceeding 30 Of Pay Property Rental Klmat” ShowToc: true date: “2022-11-02” author: “Alida Jones”

Four in 10 new tenants are locked into expensive new contracts that exceed 30% of their pay, a level housing groups have said is too much to manage. Research by property consultancy Dataloft found that while London has the highest rent levels in Great Britain, in places such as Rotherham, Bolton, Salford, Walsall and Dudley, affordability is the worst for young people from the start of the coronavirus pandemic. The data suggests that under-30s spend more of their earnings on rent than other working age groups. With a lifestyle that means they are less likely to have dependents and more willing to move, many believe they can afford to pay more for rent. Skyrocketing rents, which agents and property companies blame for the lack of supply, are forcing potential tenants to offer above asking price or renew deals at much higher levels as people are willing to offer more than listed price only to secure ownership. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. The rental crisis facing the under-30s is adding to pressures on their finances as households face rising energy and food bills, with inflation at a 40-year high. Nick Gallant, professor of housing and planning at University College London, told the BBC that young people being locked into expensive rents now could cause future problems because “their lives are progressing but they have to live with instability and insecurity”. He said: “Despite all the economic problems, house prices and rents continue to rise.” In one in six local authorities across England, Wales and Scotland for which enough data was available, most new tenants spent more than 30% of their earnings on housing, according to Dataloft’s analysis of the year to the end of June. The Department for Upgrading, Housing and Communities said it recognized that people were facing cost of living pressures and paying rent was likely to be a tenant’s biggest monthly expense. “That is why we have taken action through the £37bn support package to help households with rising costs,” he said.

title: “Four In 10 Under 30S Are Committed To Rent Contracts Exceeding 30 Of Pay Property Rental Klmat” ShowToc: true date: “2022-10-29” author: “Kenneth Keller”

Four in 10 new tenants are locked into expensive new contracts that exceed 30% of their pay, a level housing groups have said is too much to manage. Research by property consultancy Dataloft found that while London has the highest rent levels in Great Britain, in places such as Rotherham, Bolton, Salford, Walsall and Dudley, affordability is the worst for young people from the start of the coronavirus pandemic. The data suggests that under-30s spend more of their earnings on rent than other working age groups. With a lifestyle that means they are less likely to have dependents and more willing to move, many believe they can afford to pay more for rent. Skyrocketing rents, which agents and property companies blame for the lack of supply, are forcing potential tenants to offer above asking price or renew deals at much higher levels as people are willing to offer more than listed price only to secure ownership. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. The rental crisis facing the under-30s is adding to pressures on their finances as households face rising energy and food bills, with inflation at a 40-year high. Nick Gallant, professor of housing and planning at University College London, told the BBC that young people being locked into expensive rents now could cause future problems because “their lives are progressing but they have to live with instability and insecurity”. He said: “Despite all the economic problems, house prices and rents continue to rise.” In one in six local authorities across England, Wales and Scotland for which enough data was available, most new tenants spent more than 30% of their earnings on housing, according to Dataloft’s analysis of the year to the end of June. The Department for Upgrading, Housing and Communities said it recognized that people were facing cost of living pressures and paying rent was likely to be a tenant’s biggest monthly expense. “That is why we have taken action through the £37bn support package to help households with rising costs,” he said.