UK Rents Continuing To Rise

Rents in the UK have climbed by nine per cent in the past five years, although the pace of rental growth has slowed to 0.82 per cent year-on-year down from 2.66 per cent in August 2015, according to the latest Landbay Rental Index.

The organisation also revealed that a tenant aged 18 to 39 living alone spends an average of 69 per cent of their take-home pay on rent, leaving them little other money for bills and other expenses.

In properties where two people share, they each spend an average of 39 per cent of their post-tax income on rent each month, while house shares for those in a three-bed property fork out around 30 per cent of their pay on rent.

CEO and founder of Landbay John Goodall said that while things have moved in the right direction for tenants, more needs to be done to support the rental sector.

“What is needed now is some firm government commitment to improving standards, affordability and supply of rental properties,” he asserted.

Mr Goodall also noted that the millennial generation, who make up a significant proportion of renters, are “relying on a well-served buy-to-let market to ensure rental growth doesn’t become unbearable”.

Of course, rents aren’t the only charges tenants are faced with when they let a property and there has been much debate in recent months over the fees charged by lettings agents.

Residential Landlord recently reported on a survey conducted on behalf of TheHouseShop.com, which found that the majority of people are in favour of the current tenant fee structure being abolished. 61 per cent of those questioned believed that tenants should not be charged more than £50 for administration.

If you’re looking for letting agents in Spennymoor, contact us to see how we could help.