Parents in the South West are under more financial strain than ever as they are forced to help their children to rent a home.
New data commissioned by the National Housing Federation (NHF) shows that there are now more parents in the South West paying some of their adult children’s rent than there are helping them buy a home.
Private rents in the South West are now an average of £610 a month and are predicted to leap 49% by 2020 to £906 a month. The NHF also warns that Bath and North East Somerset could see the steepest increase in rental prices in the South West by 2020.
According to the NHF's findings, 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.
At Curo we are helping to tackle the root of this problem - the chronic shortage of housing in our area - by investing in new and affordable homes for the South West, for example those planned for Foxhill in Bath.
We are also backing the NHF’s Yes to Homes campaign which is asking people and families to speak up and say they want more homes they can afford.