Money Wellness
A key in the open front door to a rental property
category iconbenefits
category iconhousing
calendar icon06 Jun 2023

Private rents unaffordable for people on benefits

As the cost of renting privately continues to grow, it is becoming harder for people on benefits to find homes they can afford. Last year, less than 9% of properties listed for rent in London were affordable to benefits claimants, a new government briefing has reported. This is down from just under 13% during the previous 12 months. According to 157 London councils, 125,000 households in the capital are “at heightened risk of homelessness due to the cost-of-living crisis and drastic increases in private rents”.

Rent rises across the UK

Figures from the Office for National Statistics (ONS) show rental prices in the UK rose by nearly 5% in the 12 months to April 2023. This is the largest hike since the ONS started producing these stats back in January 2016. Northern Ireland has seen the highest growth at nearly 10%. Increases in Scotland, London, and Yorkshire and the Humber were around 5%. Growth was lowest in the South East and North East of England – but it was still over 4%.

Struggling to cover your bills?

If the rising cost of living means you’re struggling to cover your bills, it’s better to get help sooner rather than later. We can check you’re getting all the financial support you’re entitled to, help you with budgeting and talk you through the debt solutions that are available. You can get help online or over the phone.

Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

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