Rent in Ipswich up 25% compared to 14.3% pay rises

Property & Planning

Rent in Ipswich up 25% compared to 14.3% pay rises

Concerning new data has revealed a massive shortage of homes for rent at reasonable prices in Ipswich. Since 2011, a surge in the cost of rent hasn't been matched by salary growth, leaving many workers out of pocket and struggling to cover the costs of renting a property.

A new study by GMB shows that between 2011 and 2018 rent prices for 2 bedroom flats in Ipswich increased by 25% to an average of £625 per month, whilst over the same period, monthly earnings increased by just 14.3%.

The figures are even more worrying in Mid Suffolk where the cost of rent has increased 27.5%, with salary growth creeping up just 3.4% over the same period.

Policy mistakes have made the housing position for lower paid workers worse. Council homes for rents at reasonable levels were aimed at housing the families of workers in the lower pay grades and did it successfully for generations. These were sold off - but crucially not replaced.

Warren Kenny, GMB Regional Secretary

About this story: GMB sourced the data for this study from the Private Rental Market Summary Statistics; Valuation Office Agency and the Annual Survey of Hours and Earnings 2011 and 2018; Office for National Statistics.

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