Renters paid a total of £7.7 billion more in 2012 than in 2008
The number of private renters in England rose to 3.8 million in 2012, an increase of 23% since 2008, says new report
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Figures from mortgage provider Castle Trust indicate that the average annual amount paid on private rent in England increased by £572, from £7,956 in 2008 to £8,528 in 2012.
Overall, private renters in England paid a total of £7.7 billion more in 2012 than in 2008. Their analysis also suggests that the number of private renters in England reached the 3.8 million mark in 2012, up 23% from the 2008 figure of 3.1 million.
Sean Oldfield, chief executive officer, Castle Trust said: “Despite mortgage rates being well below their historic average, renting is booming as homeownership becomes more and more of a distant dream. Mortgage payments represent a significant proportion of a household’s monthly spending and many people do not see the viability of owning a home."
A report from housing charity Shelter earlier in the year showed rents are rising by an average of almost £300 a year in England with one in seven local authorities seeing rent rises of over £500 a year. The charity say that as a result, nearly three quarters of renters are unable to put aside £50 a month in savings and more than half cannot save anything at all.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments