StepChange Debt Charity has responded to new data from Rightmove’s Rental Tracker showing that private rent prices are falling.
The charity says it welcomes a slight easing in rent inflation, but with rents still 4.7% higher than this time last year, there’s unlikely to be any real relief for renters.
StepChange’s recent polling showed that more than one in five (22%) people renting privately always worry about money.
Richard Lane, chief client officer at StepChange, said: “While the overall rate of inflation has fallen closer to the Bank of England’s target, private rental prices have continued to grow at a stubbornly high rate in recent months. A slight fall in rent prices is positive, but we know that the unaffordable cost of renting remains a huge financial burden on households, making it difficult for people to cover other bills, pay off debts or pay into their savings.
“We’re pleased to see the Renters Rights Bill progressing through Parliament, which will end section 21 ‘no fault’ evictions – a long overdue piece of legislation. However, we’ve long called for strengthened protections for private renters facing financial hardship. Our research shows that a significant proportion of private renters are having to rely on credit just to cover their rent, which is unsustainable and will only trap people in a cycle of problem debt.
“If you are struggling with rent arrears or any other type of debt, free and impartial advice is available from charities like StepChange.”
Comments are closed.