10 Jan

Outside London rents on the rise

Outside London rents on the rise

There was an increase in the average rent paid for a property outside of London last month.

Figures from the Landbay rental index reveal the average rent away from the capital is now £750 a month - 2.04 per cent higher than at the start of 2016.

However, the average income across the UK, excluding London, has fallen, with a 2.3 per cent drop in the first nine months of last year.

John Goodall, chief executive officer of Landbay, explained rents are now accounting for a significant portion of household income as demand continues to rise for rental homes for a number of reasons.

"Demand for rented accommodation will remain robust, as the myriad threats of rising house prices, falling real incomes and rising inflation affect the ability of aspiring homeowners to get their foot on the housing ladder and save for a deposit," explained Mr Goodall.

He added: "The government may have just committed £7 billion to building an additional 200,000 affordable starter homes, but supply across all tenures is still too low. The buy-to-let market has become a catch all for a forgotten generation of house hunters, for those who cannot, or choose not to, buy a property outright."ADNFCR-1222-ID-801830861-ADNFCR

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