From The Guardian: One in seven tenants privately renting from a landlord is paying more than half of their income in rent, compared with just 2% of homeowners who pay more than half their income on their mortgage, according to new research.
The Local Government Association, which compiled the figures, said high rents were preventing young adults from saving up for a deposit for a home of their own. It said the average deposit now cost 71% of a first-time buyer’s annual income.
The research also found that four out of 10 private tenants spend more than 30% of their pay on rent, compared with only 11% of those with a mortgage.
Councillor Judith Blake, LGA housing spokesman, said: “When one in seven private renters is spending half their income on rent, it’s no wonder we have a rental logjam – with a shortage of homes with genuinely affordable rent, and young people struggling to have enough income left over to save for a deposit
[Read full article on Guardian website…]