Andy Coley, a private renter in London, illustrates the financial struggles faced by families in the private rental market. Each month, he and his family spend £2,200 on rent, leaving little for savings or unexpected expenses. A recent Ipsos survey revealed that 75% of Londoners see the cost of living as their primary concern, a figure that rises to 83% among renters. Housing affordability also remains a pressing issue, with many renters fearing rent increases and potential relocation. Coley reflects on the rising costs and their impact on family savings and quality of life.
The cost of our rent means there's no leftover surplus of anything... Any spare money gets sucked into the now and not the future.
It's the third year in a row that Londoners have ranked the cost of living as the biggest issue in the annual Survey of Londoners.
More than half of Londoners who rented were concerned their landlord would increase their rent.
Not only is rent more expensive, all the bills associated with the house are more expensive... it really impacts us being able to save.
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