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National Housing Federation Reveals Most Unaffordable UK Areas To Rent Property

National Housing Federation Reveals Most Unaffordable UK Areas To Rent Property

National Housing Federation Reveals
Most Unaffordable UK Areas To Rent Property

Towns and cities such as Oxford and Brighton have overtaken many London borough’s as the most unaffordable places in the UK to rent, according to the National Housing Federation.

London boroughs may have the monopoly on the most expensive rents in the UK’s private rental sector (PRS), but when factored against average local earnings, UK towns and cities such as Oxford, Brighton and Bath are calculated to be more unaffordable than many London boroughs.

The most expensive area outside of London is the Three Rivers area in Hertfordshire, where the average PRS rent swallows up over 50% of the average income of residents in the area.

Other places such as Oxford, South Bucks and Brighton are now more unaffordable than London boroughs such as Greenwich and Lewisham, with renters spending over half their salary on rent before they’ve covered any other bills.

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Survey Shows UK Public Think Property Investment Is Best Way Forward

Survey Shows UK Public Think Property Investment Is Best Way Forward

Survey Shows UK Public Think
Property Investment Provides Best Returns

A new survey has discovered that 40% of UK residents would rather choose property investment over all other investment types.

The YouGov survey commissioned by InterTrader found that 40% of UK residents reckon that property investment is the best vehicle for generating a good Return On Investment (ROI).

In addition, over half of UK residents would consider a more active role in managing their own investment opportunities, with 38% of respondents saying they would not trust financial professionals to generate high enough positive returns with their hard earned savings.

The findings of the YouGov survey were published amid the concern that parts of the UK, especially London and the South East, are experiencing a localised and unsustainable property bubble.

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There has been yet another survey conducted in the UK with yet another set of shocking and depressing findings…

The YouGov / Shelter survey reveals that almost 7 Million people are relying on some form of credit to help pay their housing costs, using payday loans, unauthorised overdrafts, other loans or credit cards.

The results reveal the spiral of debt that people are falling into in order to keep a roof over their head.

The survey asked 4,014 people in the UK if they had used payday loans, unauthorised overdraft, other loan or credit cards to help pay their rent or mortgage in the last 12 months.

15% (1 in 7) said yes, representing a national figure of almost 7 Million people, with almost 1 Million people using payday loans.

The homeless charity warns that 2012 could bring with it an increased risk of homelessness, for those who are struggling with their housing costs and is urging anyone worried about their debts to make seeking early debt advice their New Years resolution.

Shelter has a network of specialist advice services around the country, a free telephone helpline and online advice available at shelter.org.uk/debt, including a new budget calculator. 

Campbell Robb, Chief Executive of Shelter, said, “These shocking findings show the extent to which millions of households across the country are desperately struggling to keep their home. Turning to short-term payday loans to help pay for the cost of housing is totally unsustainable. It can quickly lead to debts snowballing out of control and can lead to eviction or repossession and ultimately homelessness. Every two minutes someone in Britain faces the nightmare of losing their home. We urge every single one of these people now relying on credit to help pay their rent or mortgage to urgently seek advice.”

Martin Lewis of MoneySavingExpert.com, said, “The UK is the crock of gold at the end of the rainbow for the world’s payday lenders. They’ve been regulated out of other countries and jump for joy at our lax supervision. That’s why these 4,000% APR lenders are exploding across British high streets. Yet these astronomical APRs aren’t the real danger and that comes from the rollover. This is where people can’t repay at the end of the month and compound interest kicks in. It’s incredibly worrying there’s now evidence of people using payday loans to meet housing costs. Many struggling with core rent or mortgage commitments will struggle to repay payday loans on time too. While it’s an obvious temptation to grasp these loans as a lifeline, in the long run it may hurt more than help. Instead I’d urge anyone struggling with payday loan and housing debts to get in touch with one of the great non-profit, non-judgmental advisors out there, such as Shelter – the sooner the better.”

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