LHA Tenants Struggling to Find Property
LHA tenants on housing benefit are showing increasing signs of frustration as it becomes harder for them to find private landlords who will accept them.
Online searches for rental homes where LHA tenants are accepted have increased 400% across London and the Home Counties since April.
Aki Ellahi of Dssmove says that his site has 15,000 people currently searching for accommodation in London, followed by Leeds and Manchester, each with 1,000 people searching.
Aki, who founded the site in 2012, said:
The sharp rise in London searches is partly due to the new £500 weekly benefit cap that came into effect on July 15, which is making it impossible for tenants to rent in certain parts of London. Demand is outstripping supply.
There are over five million people currently claiming housing benefit in the UK. The House Crowd specialises in buying investment property to let to LHA tenants. We believe we are helping those who most need it to find a decent property to live in, whilst for our property investor partners we focus on a steadily growing market.
Supply is diminishing as many landlords retreat from the market and demand is also increasing. Thus we are able to obtain an excellent rental income and let all our properties quickly.
The UK’s continuing dire housing shortage is a situation that we at The House Crowd are keen to help with. Whether it is through helping those on housing benefit get a much-needed home, or providing generally more affordable homes throughout the Greater Manchester area, we are always eager to do our bit.
After all, helping with the UK’s housing market is a key aspect of what we do. We help find homes for the increasing number of tenants in rental accommodation and bring much-needed homes onto the purchase market.
But we also help a wide range of people from all walks of life with an opportunity to invest in property. Whereas in the past, only those with access to large amounts of funding have been able to invest in the property market, the property crowdfunding model opens the doors to many more, democratising the market in a time when so many feel priced out.
If you want to be a part of the property crowdfunding movement and do your bit to help the UK’s housing situation, then find out more by registering on our site:
You can also browse our full range of current property investment opportunities by clicking below: