Forest Heath: High Rents

31 January 2013, 08:27

A survey by Shelter has revealed Forest Heath, which includes Newmarket and the surrounding area, has some of the fastest rising rents in the East.

The research by the homelessness charity suggests average rents in Forest Heath increased by an average of £670 last year.

It is the second largest rise in the East of England, behind Watford which had a rise of £948 during the last 12 months.

Cambridge, with a £589 rise, and East Cambridgeshire, at £352, were also in the top ten.

The average rise in rents across the East in the last year was £207.

Across England, the average increase is £297 in a typical rented home.

The report found high rents leave many renters with so little left over that they struggle to save for a deposit on a home of their own. 

A survey of 4,300 renters in England commissioned by Shelter found that in the East of England, more than half (53%) say that after paying for rent and essential bills, they have just £100 or less left over each month for everything else.

As a result, two in three renters (69%) in the East of England say that they are only able to put aside £50 or less each month in savings, leaving them with little hope of saving for a deposit. 

More than half of renters (55%) in the East of England say that they are not able to save any money at all.

Campbell Robb, chief executive of Shelter, said: "This report reveals the huge scale of the rent trap holding back young people and families in East of England. 

Rising rents are leaving people with little or nothing to save at the end of each month, giving them little chance of ever saving enough to climb on to the property ladder. 

The renters we speak to have never been less hopeful. 

A relentless stream of rent rises means that most feel they will never move on from a life paying dead money to landlords, in a home that they can't make their own. 

And for some, rising rents have more immediate consequences; not enough money to spend on food, fuel or other essentials. 

Unless something changes, the chances of the next generation getting a home to call their own look increasingly bleak. 

The government needs to show young people and families exactly how it plans to dismantle the rent trap for good."

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