I'm in a similar situation to you Weestar. We are also in a privately rented house, paying £550 per month rent. It is cold, tiny and doesn't have a bath.
The owners are horrible, and constantly lie to the letting agents about things we have supposedly done. I hate the house, and the thought of bringing a baby back to it just makes me cry. We both work full-time, and would love to get a mortgage and own our own house, but the cheapest 3 bed semi around here is £130,000 and that would need about £20,000 spend on it before anyone moved in. There is no way on Earth we could afford that mortgage, especially as I will shortly be on maternity pay, and then for the next 4 years paying about £600 per month in childcare.
We have been on the council list for over 2 years, but we only have 113 points and to be rehoused in this area, you need at least 134. Even if the landlords give us notice, and we are declared homeless, we would spend at least 8 months in a homeless hostel in one of the worst areas near here.
We do luckily have a friend who is a housing officer at the local council, and he is getting us all the information for Housing Association houses. At least it would be more stable than where we are at the minute. We've just got to hope that there is something available when we get the information.
Weestar - are you sure that they only have to give you 14 days notice? I was told my our friend that it was 60 days either way. There is also a new law coming out on 6th April which will hopefully help tenants like us. not sure of the details, but it should help. I'll see if I can dig anything out for you.