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Increasing pace of rent rises

I think most agents would agree the housing supply figures are confusing to say the least when it comes to working out why there is a shortage of affordable housing, this shortage however is the problem behind   house prices and rents continuing to rise.

Rents are up 4.6% on a year before, average rents in the UK reached £937 per month in July as the pace of increases took a significant step up, according to research by Countrywide, the UK’s largest property services company.

London has become one of the most expensive cities in the world to rent a home, central London saw by far the biggest increase in the cost of newly rented properties at 6.8%,  there were also strong rises in Scotland (4.5%) and the east of England (4.3%).

The ever increasing cost of buying a home has seen a boom in the private rented sector in recent years. There are 1.4m more rented homes today than in 2008, according to data from the English Housing Survey.

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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