Overcast

Overcast

max temp: 20°C

min temp: 18°C

Search
Archant Local Impact

Renting a home ‘out of reach’ for many young people

PUBLISHED: 09:10 29 December 2017 | UPDATED: 09:10 29 December 2017

Renting a house is out of reach for hundreds of thousands of young people after a 3% price increase in the past year, a new study shows. Research by credit report provider Noddle.co.uk found that average rental deposits across the UK are just under £1,000, rising to more than £1,800 in London. Picture: Yui Mok/PA Wire

Renting a house is out of reach for hundreds of thousands of young people after a 3% price increase in the past year, a new study shows. Research by credit report provider Noddle.co.uk found that average rental deposits across the UK are just under £1,000, rising to more than £1,800 in London. Picture: Yui Mok/PA Wire

Renting a house is out of reach for hundreds of thousands of young people after a 3% price increase in the past year, a new study shows.

Research by credit report provider Noddle.co.uk found that average rental deposits across the UK are just under £1,000, rising to more than £1,800 in London.

One in six people under the age of 34 is now unable to leave the family home because of the rising cost of renting a property themselves, said the report.

Landlords and letting agencies are often rejecting prospective tenants because of their credit history, a survey of 2,000 renters and landlords revealed.

An analysis of official data and Noddle’s own research suggested that hundreds of thousands of 18 to 34-year-olds believed renting a house is “impossible”.

Jacqueline Dewey, managing director of Noddle, said: “Our latest research suggests that it’s not just buying property that’s become increasingly difficult for young people today; renting is also out of reach for many too.

“As demand for rentals becomes greater, especially in the big cities, landlords can pick and choose who they want in their properties. Credit checks are becoming more and more important in the tenant selection process.”

Search hundreds of local jobs at Jobs24

Persimmon will unveil results for the first half of the year this week, with investors keen to hear management’s view on whether the increase in interest rates is starting to impact sales.

Hilary Collins, the managing director of award-winning Colchester-based PR consultancy, Big Wave PR will be walking 286 miles over cliffs, beaches and rocks around the Cornish coastal path to raise funds for Gt Ormond Street Hospital.

Community charity Groundwork East - which creates green spaces - has been nominated for the FM World Not-for-Profit Business of the Year Award at the SME national awards.

Businessman Ken Hewitt, who is well known in the antiques trade, has opened a new centre for antiques, vintage and retro furniture and collectables.

A Swaffham grain trader has bought a Yorkshire competitor in an undisclosed-value deal.

Management Jobs

Show Job Lists

Most read

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Our Privacy Policy

MyDate24 MyPhotos24