Rent Costs At A Two Year Peak

The average cost of renting in the UK has risen by 1.4%, soaring to a two-year high as more and more Britons want to rent with the cost of buying being so unaffordable at present.

People are seemingly putting their plans to buy on ice as the current economic outlook is so unsteady. Not only this but lenders are making it more and more difficult for prospective buyers as the deposits that are demanded pre-buying are dramatically increasing and banks are unwilling to lend money.

The general consensus is that housing prices are falling and will continue to fall for the next couple of years so at present, prospective buyers are biding their time.

The renting price has been creeping up since the beginning of the year and the cost has gone up, on average of £47 a month. This is an increase of 5.8%.

A rise of 1.4% translates as an average of £851 a month in rent. This is the highest level since November 2008. These results were found by a property website and the findings suggest that whilst in a few areas the price of renting is going down, on average, the price is on the up because the demand is up.

Because of the ever-increasing demand for rental properties, there are now 38% fewer properties available than there were in May 2009.

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