Redbridge rents have soared five times faster than average wages, new figures reveal
PUBLISHED: 07:00 03 August 2018
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Soaring rents in the borough have risen five times faster than the increase in average wages over the last seven years, it has been revealed.
Figures released today (August 3) by housing charity Shelter show that average rents have increased by 32per cent between 2011 and 2017, while average household wages have only increased by 6pc over the same period.
This is worse than the average across the capital – where average rents have increased by 21pc and average wages increase of 7pc – and Redbridge is the 19th worst local authority in the UK for rent hikes outstripping wage increases.
Rufus Pauldurai is the manager of Josh Properties, which has more than 100 properties in IG2 post code area.
“In Redbridge, it is mostly due to the good schools,” he said, explaining the reasons for rent increases.
“People tend to travel from far and move into this borough for education.”
He added: “We are in the Seven Kings catchment and people want their children to go to Seven Kings High School which has an outstanding Ofsted rating.”
But he anticipates that rents will not increase any further.
He said: “We are now at the threshold where I think prices can’t go up any more unless wages increase.”
Philip Barker, a housing campaigner with Neighbours of Ilford South Engage (Noise), said: “Rents rising far faster than wages are crippling the lives of many Redbridge residents, progressively impoverishing or forcing them out of the area altogether.”
Shelter are calling on the government to come up with a new plan for social housing so people on low income jobs can find somewhere affordable to rent, rather than overloading the private rented sector.
They want to improve the private rented sector by making sure the government’s new three year tenancies deal for renters is enshrined in law.
Greg Beales, Campaign Director at Shelter, said: “With this surge in private renters the housing market has shifted massively across the country and in places like Redbridge, and yet as a country we’ve failed to respond.
He added: “We need politicians of all parties to sit up and take notice of the rising numbers of renters, and ensure they’re doing all they can to protect them.”
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