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Rents expected to rise in Wyre Forest
7:00am Monday 22nd October 2012 in News
RENT in Wyre Forest could rise by more than £200 a month in the next eight years, it has been revealed.
People who rent privately in the district are currently paying an average of £486 per month for the homes - £6,312 a year - but this is expected to rocket to £714 per month, an increase of £228, by 2020.
The Home Truths 2012 analysis by the National Housing Federation found the future of the housing market was looking even bleaker, with both private rental and house prices set to move further out reach.
Years of not building enough homes have led to rising rental and house prices in Herefordshire and Worcestershire leaving many families struggling to pay for their home.
This could lead to an unsustainable housing market which could see many more local families relying on Government support to pay their rent in the next few years.
Gemma Duggan, West Midlands lead manager for the National Housing Federation, said: “We have reached the point of no return for the housing market.
“Many families across Herefordshire and Worcestershire are already really struggling to afford their home and with huge rises in house prices and rents ahead things look set to get even worse.”
She added: “As Home Truths shows, even working families are increasingly reliant on housing benefit to help pay their private rent.
“We urgently need to tackle the chronic undersupply of new homes across England and the West Midlands, to ease the financial pressure for families and Government.”