House prices are set to rise by 29 per cent while rents will increase by 45 per cent by 2020 in Amber Valley, according to a new report.
Home Truths, by the National Housing Federation (NHF), shows that rising rents and stagnating wages across the UK are forcing an extra 310 people every day to apply for housing benefit to keep the roof over their heads.
The report notes how £12.1bn has been spent on housing benefit for working people since 2009, at a cost of an extra £1.7m a day, and predicts that by 2020, rents will have soared by nearly 40 per cent - causing financial consequences for the taxpayer.
Kate Warburton, East Midlands external affairs manager for the NHF, said: “We hear a lot about ‘making work pay’, but a decent job won’t even cover the cost of a home in the East Midlands, and with rising rents and house prices the situation looks set to get even worse. Nationally, billions of pounds of taxpayers’ money is wasted, lining the pockets of private landlords, when it could be better spent building more homes people can afford.”
Paul Parkinson, executive director of Futures Homescape, which manages 5,800 homes in Amber Valley, said the social housing provider is set to build around 1,000 new homes between now and 2020. It has brought nearly 30 empty properties back into use in the last two years and taken on 40 leases from private landlords to transform existing properties into affordable homes in Amber Valley.