Nick Millican: Things Will Get Worse for Renters if the Government Does Not Take Action
It will continue to get harder for renters to afford housing if the government fails to take any action, real estate expert Nick Millican comments. He says people are struggling to pay rent despite the fact that many are receiving a subsidy from the government.
Many people are paying 14.2 percent more than what they are able to get in government assistance. This means that the average renter still falls short by 1,370 pounds each year. And this is when real estate agents such as asset management expert Nick Millican come in.
Jeremy Hunt, who is the Chancellor, recently announced that the freeze on the Local Housing Allowance will be temporarily unfrozen. The Local Housing Allowance was frozen four years ago. Unfortunately, Nick Millican adds, rent prices are expected to increase by 8.5 percent by 2025.
The increase in rent will put many people at risk of becoming homeless, Nick Millican shares. Generation Rent is calling on the government to do more in order to prevent people from becoming homeless. Not only do they want the government to freeze the LHA, but they are also calling on the government to build more social homes.
A report done by Savills stated that rent prices have increased by 31 percent since 2021. Experts are predicting that they will increase by 4.5 percent over the next year. The increase in rent has prompted many people to consider buying a home. Nick Millican works in the real estate industry and can help people who want to become homeowners.