Millions of parents are facing difficulties with their children, as frequently having to move house causes instability and financial difficulties.
As rents increase in England, due to the housing shortage, families who have to rent are facing financial problems and debts. According to a survey conducted by Shelter, the housing charity, more than 25% of renters have had to move at least three times during the last five years, as they are only able to secure short term tenancies.
Almost half of the parents who rent are plunged into debt or have arrears on their bills, due to moving costs. A quarter of all parents who rent also reported that their children are emotionally distressed due to having to move frequently.
As property prices continue to increase, more people are renting privately, with competition being fierce. The average rent for a property in England increased to £625 last year, an increase of 10% since 2011. In London the problem is even worse, with the average rent reaching £1,400, an increase of 30%. Families who rent a home face financial difficulties as wages have decreased in real terms, while housing benefit has also been cut by the government’s welfare reforms.
The chief executive of Shelter, Campbell Robb, said that although renting used to be a temporary measure for young adults, it is now a necessity for a quarter of families in England. Shelter has called for the government to make changes to the current system, making it easier for parents to provide a stable family home.
It is worth consulting with a mortgage adviser who is CeMAP qualified, as the Help to Buy schemes may make it possible for some families to afford to buy a home.
