Residential Property experts could certainly have predicted that 2012 would see a rise in the average cost of property rentals, and today the owners of Your Move and Reeds Rain have said prices are up 2.9% on this time last year.
This is as a result of both a decrease in new houses being built across the UK and the more limited availability of mortgages, particularly for first-time buyers. This then is the biggest group of people who are being forced into renting homes, with rents rising fastest in London and the South East. The average here is now £1,057/month.
The majority of young people would much prefer to buy, but lenders are now asking upwards of 20% deposit and this is locking thousands out of the market. Unfortunately this does not come as surprise and has been the case now for a number of years with no relief in sight.
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Setfords Solicitors are a national full service law firm, with property lawyers based across the country, including Solicitors in London