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Cost of renting continues to rise


The cost of renting a home has risen by 4.6% over the past year, according to data from property group LSL.

The increase is the fastest rise since November 2010 according to the research and rental costs increased by 0.8% in April alone. The current average rent now stands at £774 In England and Wales and has surpassed the record set last October when it peaked at £770 per month before the winter slowdown.

Housing charity Shelter have also released a report claiming the current housing crisis will mean the number of young people hoping to get onto the property ladder will fall drastically over the next couple of years. If the lack of housing and the prices of rents continue, the number of young adults who own a home could plummet by 50% in just five years, and the number of young adults renting “expesive and unstable” private homes will increase from 20% to 70% by 2020.

Campbell Robb, chief executive of housing charity Shelter, said:
"Our housing shortage has been decades in the making, and only bold and immediate action can fix it.
"No matter how hard they work or save, an entire generation is being forced to watch their dreams of a stable future slip through their fingers, stuck in properties where rents eat up their salaries and short term contracts leave them with no stability at all."

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