Families increasing dependence on housing benefits revealed
A new report by the National Housing Federation reveals that the amount of families relaying on housing benefit has almost doubled in the last three years. This has been blamed on the unaffordable housing market and a failure to build enough new homes in recent years. This has meant that rents have been pushed up which has lead to an 86% increase in housing benefit claims since 2009.
The study by the National Housing Federation claims that an extra 10,000 working families are now claiming housing benefit every month to help pay their rent. The cost of renting private accommodation has rose 37% and is set to continue to rise another 35% by next year according to research.
However, if you are hoping to purchase a home of your own, a study by the Yorkshire Building Society revealed that it would take eight years just to save up for a deposit on a typical home if £248 was set aside every month. This would accumulate to £26,000 which is a 20% deposit on a typical home. The report also found that actually raising the deposit is the most difficult challenge facing potential home buyers according to the 2,000 people Yorkshire Building Society surveyed.
The amount of money needed to be saved for a deposit varies a lot from place to place for example, a first time buyer would need to save more than £60,000 to place a deposit on a typical home in London in contrast to a much smaller £16,000 deposit required for a home in Wales.
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