If you’re looking to move to London anytime soon you’ll need to have deep pockets. Skyrocketing rents could see a two-bedroom home in the center of the capital costing an eye-watering £25,933 a year from September.
Homelessness charity Crisis has highlighted the sudden jump as energy prices spiral and western nations ban Russian oil imports following the country’s invasion of Ukraine. Average rent for a ‘modest’ two-bed in Inner North London is also expected to increase to £18,154 a year by the end of the year. Meanwhile, prices in Inner East London, a historically working-class part of the capital, are expected to rise to £17,951 a year, reports MyLondon.
Crisis chief executive Matt Downie told the Reach Data Unit: “It’s deeply shameful that struggling renters will be forced to go without food and heating for several days in order to keep a roof over their head. Having a secure home was deemed crucial to the health of our nation during the pandemic but with all of those protections now gone and household finances being squeezed to breaking point, we’re at risk of seeing thousands of people pushed into homelessness, while for others it will become harder to leave it behind if we fail to act.
“We cannot idly stand by and watch all the progress made to tackle homelessness during the pandemic unravel and that’s why we’re urging the UK Government to reverse this cut before it’s too late.”
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Families across City of London, Camden, Hackney, Hammersmith and Fulham, Islington, Kensington and Chelsea, Tower Hamlets, and Westminster would have to find huge sums to avoid eviction. According to the charity, housing benefits for a family renting a home cover just £19,028 of the bills so a family in Central London would need to top this up by £6,905 to keep a roof over their heads.
With food and fuel costs for parents with two children predicted to rise by around £835 this year, families would have to pay an extra £7,740 on top of benefits payments just to get by.
A government spokesperson said: “During the pandemic we increased Local Housing Allowance significantly and beyond inflation, benefiting over one million households by an average of over £600 over the year. We’re maintaining that boost, keeping support for private renters above pre-pandemic levels.
“We recognise the pressures people are facing with the cost of living, which is why we’re providing support worth around £20 billion this financial year and next to help. This includes putting an average of £1,000 more per year into the pockets of working families via changes to Universal Credit, freezing fuel duties to keep costs down and helping households with their energy bills through our £9.1 billion Energy Bills Rebate.
“We have also boosted the minimum wage by more than £1,000 a year for full-time workers and our £500 million Household Support Fund is helping the most vulnerable with essential costs.”
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https://www.getsurrey.co.uk/news/cost-of-living/youre-thinking-moving-london-prepared-23358086
