Housing affordability crisis: you are screwed whether you want to buy or if you have to rent

Two contradictory reports have been published this week regarding housing and affordability. One, by the Centre for London, has said that renters are most affected by the housing crisis.

Analysis by the property website Zoopla has said that renting a home in London is much cheaper than paying off a mortgage. It suggests that owning a home costs an average of £15,216 more on payments than renting each year, 46% difference.

The Centre for London Report says: “If you rent privately in inner London you are screwed right now”.

The reality is that if you are young, and if the bank of Mum and Dad does not have the capacity to be very generous, you are screwed whether you want to buy or if you have to rent.

Nothing in recent government announcement is doing anything about the affordability crisis in the private rented sector in Brighton and Hove, and home ownership is getting beyond the means of many unless you are one of the lucky few who can take advantage of the Starter Homes initiative.

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