The Reality of Renting
A recent study has shown that a quarter of London flat- or house-sharers would be forced to move out if their landlord increased their rent by just £25 a month – and one in ten have said that even a £10 rise would mean they had to move.
While shocking, these findings aren’t a surprise – with the average Londoner spending two thirds of their income on rent, there’s not much room in their budgets for an increase in rent. The report was carried out by flat-share site SpareRoom.co.uk, and also highlighted the expense of moving should rent become too expensive – with the typical London sharer having to find £1,792 in rent, deposit and agents’ fees every time they move.
A different study earlier in 2016 uncovered the fact that one fifth of renters struggle to cover their monthly payments with their salary alone – of those, over half said they would look to finance back-ups like credit cards to bolster their funds before they considered moving.
With prices continuing to spiral out of control, an escape from the private rental sector would be welcomed by many Londoners. The solution? Shared Ownership, which allows homeowners to part-buy, part-rent a home, and increase the share that they own over time.
Origin offer a range of Shared Ownership schemes, which continue to expand across London. To find out more about our Shared Ownership homes launching soon, click here.