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.
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.”