South Bucks residents will be paying highest rents
Mon 25 Feb 2019
People living in South Bucks and the Chilterns in 2020 will have to pay the highest rents in the South East, according to a new survey.
A ComRes poll of parents for the National Housing Federation revealed in the South East one in ten parents are paying some of their adult children’s rent as prices rise.
Children over 18 years old are now also asking parents for money towards rental deposits as the severe shortage of housing pushes rents up.
If the projected rises carry on, South Bucks would see the steepest increase in rental prices in the South East by 2020 with rent up £604 per month to £1,875 by 2020, Chiltern came in seventh, up by £468 a month to £1,556 by 2020.
Private rents in the South East are now an average of £781 a month and are predicted to rocket 43 per cent by 2020 to £1117 a month.
The survey found that, of parents who provide some form of financial help to their adult children living away from home, around a fifth help with money towards a deposit to buy a property, and one in ten help with money towards rent. Smaller proportions help with money towards a deposit to rent a property or mortgage repayments.
National Housing Federation External Affairs Manager for South East, Warren Finney, said: “The housing crisis in the South East 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 in the South East 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.”
The 10 worst affected areas in the South East by 2020 would be:
1. South Bucks – up £604 a month by 2020 to £2,009
2. Elmbridge – up £564 a month by 2020 to £1,875
3. Sevenoaks – up £525 a month by 2020 to £1,747
4. Runnymede – up £505 a month by 2020 to £1,680
5. Windsor and Maidenhead UA – up £494 a month by 2020 to £1,644
6. Woking – up £470 a month by 2020 to £1,565
7. Chiltern – up £468 a month by 2020 to £1,556
8. Waverley – up £462 a month by 2020 to £1,539
9. Guildford – up £451 a month by 2020 to £1,500
10. Tandridge – up £449 a month by 2020 to £1,495