Bad news for those who can’t get on the property ladder
While the soaring rocket ship known as the UK property market is a gift to those who own a home, it’s a huge hindrance to everyone else – and it’s only getting worse, it seems.
In the past year, rents have risen between 6.3% and 8.5% (according to two separate reports) and there seems to be no sign of a slowdown.
What’s worse for those living in the capital is rents in London have risen a huge 11.6% to £1,301.
Housing charity Shelter said the figures highlighted the plight of an entire generation stuck in “insecure and expensive” private renting.
Rents have reached a record, according to report from Your Move and Reeds Rains, and are now a quarter higher than in 2010.
Adrian Gill, director of the two companies, said this was “unprecedented acceleration”.
“Rents have been growing faster than ever – particularly in real terms, given inflation has essentially been zero since February. Across the country, towns and cities are seeing demand from local tenants outstrip the supply of properties to let, with inevitable effects on rents. There is little sign yet of this cooling substantially as the autumn progresses,” he added.