Renting prices on the rise

THE cost of renting in Hartlepool is predicted to increase by more than £100 a month over the next seven years according to housing market forecasters.

The National Housing Federation predicts rents will rise by almost a third across the North-East between now and 2020 - while house prices will rise by just 18 per cent.

Figures revealed the average cost of privately renting in Hartlepool comes to £429 a month or £5,580 a year.

But the federation, which analyses and forecasts the housing market, says is to rise to £544 a month, or £7,089 a year by 2020.

It equates to an average monthly rise of £116.

Monica Burns, of the National Housing Federation, said: “Those who can’t buy a house instead rent their home privately. But millions are already struggling to keep up with the rising costs and they are set to rise steeply over the next few years.

“For the first time, we now have the very real prospect that we now have a generation will be priced out of renting a home in Tees Valley, let alone buying one.”

The federation says years of not building enough homes has contributed to the situation and is calling on the Government to release publicly-owned brownfield land to housing associations.