Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Frozen LHA Rates Severely Limit Affordable PRS Options for Renters
Less than 2% of private rented homes are affordable to people on housing benefit, according to data reported by Property118. Charities are calling on the government to unfreeze Local Housing Allowance (LHA) rates in response to the findings.
Property118 cites Zoopla data showing that only 1.9% of private rental properties listed across Britain are now affordable for people receiving housing benefit. The report highlights growing concerns about the accessibility of the private rented sector (PRS) for low-income renters.
The issue of frozen LHA rates is particularly relevant for letting agents and inventory clerks, as it impacts the pool of prospective tenants able to afford private rental properties. The call from charities for government action underscores the ongoing challenges faced by both renters and those managing private rental stock.
Source: Property118