Half Of Renters Stuck In The ‘Rent Trap’

Half of private renters in England who want to buy a home can’t save any money towards a deposit, new research from Shelter reveals.  The YouGov poll of 3800 private renters shows that 48% – the equivalent of 3.2 million people – are unable to save a penny toward a deposit. A further 25% can only save £100 or less a month. With rents now at a record high, and government figures released earlier this year showing that private renters spend on average nearly half of their income on housing costs, it’s no surprise that having anything left-over to save for a deposit is virtually impossible for most. With house prices predicted to rise further, this will push the goal posts even further away for those hoping to become home-owners. Read more on 24dash.