The UK government helps citizens to buy a home

The arrears of rent of Britons who rent residential property in the UK increased by 150% since 2007, and over the past 12 months it grew by 13 %.

The arrears of rent has become a huge problem in the UK.

There are even toll-free hotline to provide advice and psychological support to people with debt . From January to October 2013, this service has benefited about 20,000 people asking for help.

The number of such calls grew by 37% over the past 2 years and 13% over the past 12 months.

There is a long-term trend of rising rents residential property in the UK, which directly affects the growth of rent arrears. Meanwhile, incomes in the UK do not grow, or grow much more slowly than inflation in rental prices.

The cost of maintaining their housing are the largest expenditures in the budget of many British families. The increase in the number of families in arrears is a direct impact of the financial and economic crisis, in which the lives of many people in the UK became much harder after 2007.

Therefore, the British government, realizing the complexity of the financial situation in families with low incomes, sees the way out in order to support such families in purchasing their own homes. Free consultation and hotlines, where people explain how they could benefit from assistance programmes organized by the government – for example, “Help to buy”. Many have not figured out whether they will be able to use this program, what is the maximum cost of purchased housing, what is the maximum size of the required Deposit and a number of other issues that may affect the decision. Such consultations play a huge role, doing a kind of educational program for people who are in a difficult financial situation, explaining to the people on simple calculations, what to buy property in the UK is cheaper than to rent it.

Thus, the UK government believes that the solution to the housing problems of families with low income the key to economic recovery and the recovery of the UK property market.

® Maxim Savitsky G. 16.12.2013