Housing costs leave nearly two thirds of renters in the North stuck in ‘rent trap’

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Nearly two thirds (62%) of private renters in the North are stuck in the ‘rent trap’ and unable to put any money towards a deposit for a home of their own, according to new figures from Shelter, released today (Thursday 9 October).

The report shows that the ‘rent trap’ is gripping people across the country, with 5 million renters in England unable to save towards a home of their own. And things are only getting worse - years the proportion of renters in the country who are not saving anything towards a deposit has jumped by 13%.

The charity is warning that sky-high rents and swelling house prices are leaving millions priced out and unable to put anything aside for a home of their own.

Recent figures from LSL Property Services showed that people in the North East are paying an average of £515 per month on their rent, with people in the North West paying an average of £601 per month.

Shelter’s Chief Executive, Campbell Robb, said: “With the ‘rent trap’ taking hold of young people and families across the North, the prospect of a stable home is becoming a distant dream for far too many. Instead they’re facing a lifetime of moving from one unstable and expensive rental property to the next.

“Successive governments’ failure to build enough affordable homes has left a generation burdened with sky-high rents and soaring house prices, with many struggling to make ends meet – let alone save for a deposit.

“Politicians must meet people half-way by taking real action to build the affordable homes this country desperately needs, and give ‘generation rent’ the chance to put down roots in a place they can call home. If they don’t, things are only going to get worse for future generations.”

Ami, 26, said: “It’s incredibly demoralising that so much of our money is just eaten up on rent. No matter how hard you work or what you earn, at the end of the month there’s virtually nothing left to put towards a deposit. And with the little money that my husband and I can put aside, it would take us decades to save enough.

“Like any mother, I just want my daughter to have a secure future – one where we have our own place to put down roots. But with house prices going up and up it’s getting harder and harder to keep that dream alive. At this rate, I don’t see how we’ll ever be able to afford a home of our own.”