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Rents set to rocket by 2020

Malvern Editorial 15th Nov, 2013 Updated: 20th Oct, 2016

NEW FIGURES have shown the cost of renting a home in Malvern could rise by nearly 50 per cent by 2020.

The National Housing Federation has claimed on average residents in the area will be paying £862 a month just to live in their home in seven years.

The survey showed Malvern could be one of the worst affected areas from projected rent increases in the West Midlands.

As a result, the federation has raised concerns parents will come under more financial strain and be forced to delay their retirement due to having to dip into savings just to support their adult children to live independently.

On average rents in Malvern are currently £81 above the typical cost in the West Midlands which is £505.

The poll showed more parents were providing financial support to help their children pay for rental deposits than were helping them to take out mortgages.

Gemma Duggan, external affairs manager in the West Midlands for the National Housing Federation, called on families to support the Yes to Homes campaign.

“The housing crisis in the West Midlands 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 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.”

Visit www.yestohomes.co.uk for more information on the Yes to Homes campaign.

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