One in four families in rented homes are taking on significant debt to fund moving house, according to housing charity Shelter. The letting fees, cleaning costs, removal van hire and other expenses associated with moving have led families to take on credit card and overdraft debt, bank loans and even payday loans. During their last move, 255,944 privately renting families took on debt, with the cost of moving adding up to 1,707 across England and £about £1,619 in London. Letting agent fees accounted for about 10% of moving costs and Shelter said government plans to ban such fees would not be enough to deal with the issue.
One in four families in rented homes are taking on significant debt to fund moving house, according to housing charity Shelter. The letting fees, cleaning costs, removal van hire and other expenses associated with moving have led families to take on credit card and overdraft debt, bank loans and even payday loans. During their last move, 255,944 privately renting families took on debt, with the cost of moving adding up to about £1,619 across England and £1,707 in London. Letting agent fees accounted for about 10% of moving costs and Shelter said government plans to ban such fees would not be enough to deal with the issue.