On the edge of homelessness in a difficult job market
With the cost of living and raising a child steadily increasing every year, many low-income families are finding themselves less than a month away from ruin.
For most people, living from pay cheque to pay cheque is a way of life. They’re simply covering the costs of living, with maybe a little left over to treat themselves to a few luxuries. A new survey carried out by the housing charity Shelter, however, has shown how close many families are to homelessness.
In July, a YouGov poll of 1,581 people found that 37% of working families with children would not be able to cover their housing costs if they were without a job for more than one month. With rent continuing to increase in price across the nation, and houses becoming more and more unaffordable for first-time buyers, it is perhaps little wonder that those in low-income employment find themselves living on a knife’s edge.
This year, the cost of raising a child to 18 has hit a high of £231,843 – more than the average house. With many families often bearing two or more, it becomes extremely clear why after almost half a million pounds in offspring investments, parents have little left over to spend on their own home.
For those looking to sell a home fast, this issue goes some way to explain why vendors are not enjoying the same levels of interest in their homes than those in a similar situation 30 years ago, as the pool of available potential buyers continues to dry up. Luckily, there are house buying companies who will buy any house for cash for those who need to sell fast; but vendors who prefer to use the traditional estate agency route may find themselves waiting for a much longer time.
Another startling figure to come from the survey is that 23% of those questioned stated that they would be unable to cover any of their housing costs if they were to lose their job – not even lasting a month.
“These figures are a stark reminder that sky-high housing costs are leaving millions of working families stretched to breaking point, and barely scraping by from one pay cheque to the next,” said Campbel Robb, the chief executive of Shelter.
While some who are lucky enough to own their homes can enjoy the benefit of mortgage insurance to ensure their repayments continue even if they cannot pay themselves, those in the rental sector are in a decidedly more worrisome state of affairs.
Worried that you will lose money on your home? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.