Earlier this week we were hopeful. The government released their white paper and acknowledged that our private rental market is fundamentally ‘broken.’ We'd offer a round of applause but we all already knew this, didn't we? After having the term 'Generation Rent' shoved down our throats for so long, we, the generation fighting over a limited number of overpriced rental properties so long as our paychecks allow, are very very aware that we are fucked.
Nevertheless, it felt like we were taking a step in the right direction. A glimmer of hope shone from that white paper. Kind of. Confirmation that letting fees will be band? Great. An intention to encourage investors to build affordable rental homes? Intend away. But just a day later we were landed with another does of FFS renting news that ripped that teeny tiny shred of hope from our very finger tips.
According to the Royal Institution of Chartered Surveyors (Rics for short) who conducted a survey was done before the white paper was released on Tuesday, rental prices are predicted to overtake the rate of house price inflation. Which is just bloody delightful. But why is this going to happen, you ask? Because there’s a rather large imbalance between the demand for property and the amount of property that’s actually available, which is making it easier for landlords to charge rent at a higher price.
The Guardian reported that while house prices are set to rise by just under 20 per cent over the next five years, surveyors reckon rents will rise by a little more than 25 percent. Apparently, it's understood that landlords are likely to decrease their portfolios of properties rather than increase them over the next year, which will make competition for housing ever more severe than it already is... which equals higher rent prices.
I’m getting the impression that we’re pretty screwed, are you? I can't say the news has come as a shock or anything. No no, surprise went well and truly out the window when renting news became a bi-weekly pain in the ass. It's more that I don’t really know whether to be sad or exasperated by it. And I imagine it's a sentiment shared across our generation of renters.
So, what next? Once again we're not sure. For now we patiently wait for enough affordable housing to be built, for the government to come through with the ban on letting fees and all that other stuff we're already hoping for.
Like this? You might also be interested in…
Converted Garages and 50-Deep Queues Of People: The Reality Of Trying To Rent In London
Follow Jazmin on Twitter @JazKopotsha
This article originally appeared on The Debrief.