New House of Commons analysis shows that almost 200,000 private renting households in the North West of England currently pay more than a third of their income in rent.
Spending over a third of income on rent is considered by Shelter and others as a benchmark of whether private renters are paying too much in rent.
Over 2 million private renting households across England – 44% of private renters – are spending over a third of their income on rent. The figure for the North West is the highest outside London and the South East.
Official figures show that the building of homes for affordable home ownership has fallen to a 27 year low under the Conservatives and the number of new social rented homes has fallen by over 80%, so we are now building 30,000 fewer socially rented homes each year than under Labour making it harder for families to meet rising housing costs and impossible to build the homes the country needs.
Labour has pledged to build a million affordable homes over ten years including homes for living rent linked to a third of average local household incomes.
Living rent homes are part Labour’s long-term plan to establish new types of housing linked to what people can afford to pay, not what landlords or developers can get away with charging and would form part of Labour’s programme to build more new homes of all types, for rent and for sale.
The failure to tackle the rising rent costs has hit the hopes of local people too. In Bury average monthly rent has increased from £512 in 2013-14 to £624 in the last financial year. That’s an increase of 22%.
Commenting, Bury North Labour MP James Frith said:
“After nine years of failure the Conservatives have no plan to fix the cost of housing crisis.
“Thousands of people in Bury and millions across the country are paying more than they can really afford in monthly rent, while new social housebuilding has dropped to the lowest levels since the Second World War under this Government.
“Labour would build new ‘living rent’ homes priced to be affordable to those on ordinary incomes and young families so they have a bit more for the things they need and can save for a deposit to buy that special first home.”