A report by the National Housing Federation has found that the average rent in Bristol could go up by £300 to more than £1,000 by 2020, the projected rent increase is one of the steepest in the country. Private rents in the South West are now an average of £610 a month and are predicted to rocket 49 per cent by 2020 to £906 a month.
A ComRes poll of parents for the National Housing Federation shows that in the South West there are more parents paying some of their adult children’s rent than there are helping them buy a home. Adult children are now also asking parents for money towards rental deposits as the severe shortage of housing pushes rents up.
The survey found that, of parents who provide some form of financial help to their adult children living away from home, more than one in ten help with money towards rent or towards a deposit to buy a property, while smaller proportions help with money towards a deposit to rent a property or mortgage repayments.
National Housing Federation External Affairs Manager for the South West, Catherine Brabner, said: “The housing crisis in the South West is having a domino effect through family generations because young people in decent jobs are relying on their parents just to rent a home – never mind save for a mortgage deposit. This is putting pressure on parents who are picking up the tab because for decades we haven’t built enough homes.’’