PRIVATE rents are increasing at a faster rate than house prices in South Yorkshire – which could leave ‘a generation priced out of renting a home, let alone buying one’, a housing body has warned.
The National Housing Federation’s Home Truths 2012 study predicts, based on current trends, private rents will rise by 50.4 per cent across Yorkshire and Humberside by 2020, compared with house price rises of 20.7 per cent.
Barnsley monthly private rents are to go up from £398 to £598 between 2012 and 2020, while those in Doncaster could rise from £437 to £657.
The federation predicts Sheffield’s average monthly private rents will rise from £461 to £693 and from £429 to £646 in Rotherham.
The report warns many households will have to rely on Government support to pay rent in the next few years.
Rob Warm, federation Yorkshire and Humberside lead manager, said: “For the first time, we have the prospect that a generation will be priced out of renting a home in South Yorkshire, let alone buying one.”
The federation is calling for more houses to be built, to stem the increase in rents.