In the housing market, both property prices and rental rates are often subject to estimation by estate agents, with the final prices determined by the principles of supply and demand, given that people require housing. Estate agents, driven by their commission incentives, strive to maximize their earnings.
This situation poses a significant challenge for individuals with limited financial resources, particularly those who rely on renting as their housing solution. In 2023, estate agents reported an average monthly rental price increase of £140. The primary casualties in this scenario are members of our community who have fewer housing options.
It is worth contemplating whether it is time to consider reforms to address this issue before we witness similar hikes in the following year, further exerting pressure on our community. It is essential to acknowledge that individuals experiencing heightened stress levels are less effective contributors to the community, resulting in a collective loss for all of us.
Update: A family house is now an average of £3k pcm 2024.
How do people actually afford this?