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Rents in private sector hit record high!

The average cost of renting a home privately across England and Wales has reached a record high of £757 a month, according to a survey.

The average cost of renting a home privately across England and Wales has reached a record high of £757 a month, according to a survey.

Average rents rose by 2.1% in September compared with the same month a year earlier, LSL Property Services said.

This was a 1.8% increase on August, driven by a 3.3% rise in the south east of England.

The lettings group said that greater demand from tenants was pushing up prices.

"Higher rents in almost every region show that, despite government schemes, buying a first home is still a difficult aspiration," said David Newnes, director of LSL, which owns estate agents Reeds Rains and Your Move.

"This is not only down to low salary growth, but also a general shortage of supply - which is the underlying reason why homes are getting more expensive. The long-term trend to renting therefore looks unlikely to change significantly in the near future."

The government has brought forward its Help to Buy scheme, which aims to assist those who can afford mortgage payments, but struggle to raise the necessary deposit to secure a mortgage and purchase a home.

However, critics have said that the scheme could create a housing market bubble, with official statistics suggesting UK house prices are already at a record high.

The LSL survey suggested that tenants' finances were stretched. Some 8.5% of all rent across England and Wales was late in September, up from 7.8% in August.

However, the annual rise in rental costs was still slower than the general increase in the cost of living, with the Consumer Prices Index measure of inflation at 2.7% in September.

For the full article check out: http://www.bbc.co.uk/news/business-24566849#?utm_source=twitterfeed&utm_medium=twitter

Here at Belvoir Liverpool West Derby we aim to find the perfect home for all tenants providing value for money.

Let. us do all the work!

Belvoir

West Derby

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