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High house prices lock six million into renting

03/08/2016
 

High house prices lock six million into renting

Aug 3, 2016

Nine in ten tenants do not have enough savings for average five per cent deposit, says Equality Trust

 

 

High house prices lock six million into renting

For the third successive day, a report claiming to highlight the scale of Britain's housing crisis is featuring heavily across the newspapers' business pages.

Today's figures come from the Equality Trust, which has compared detailed data extracted from an Office for National Statistics survey on household wealth between 2012 and 2014 with average house prices as reported by the official government house price index in April.

 

This gives a rough indication of the affordability of housing for those who do not already own their own home – and the conclusion is stark.

It found some 86 per cent of tenants cannot afford a £8,838 five per cent deposit on the average UK starter home, which was most recently estimated at £176,780. This equates to around six million people effectively locked into renting.

 


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