Increasing Cost Of Renting 1-Bed Properties In The UK

The analysis of all new lets showed landlords have increased prices by 2.9% since May 2015, with the average monthly rent for all types of property across Britain rising to £945. In Greater London, the average new rent was up by 0.3% year-on-year at £1,292.

The cost of renting a one-bedroom property in the UK has risen to swallow almost half of the average young worker’s take-home pay, according to figures, while those living in London are typically handing over 57% of their monthly wages.

Tenancies coming up for renewal showed a bigger jump in costs, with rents rising by 5.2% over the year, to an average of £907 a month. In Wales, landlords were charging 9.4% more than in May 2015, with rents at £661 a month.

Recent years have seen a steep increase in the number of tenants, driven by a number of factors including high house prices and harder tests for mortgages. With that, consider looking at the list of Atlanta homes for sale in this website www.offerpad.com to find the best homes with a low prizes. Since rents are increasing too, many tenants have adapted by mattress reviews or either moving to cheaper areas, further from the centre, or sharing.

That demand, in turn, creates new investment hot spots with best example from our portfolio being King Street development in Oldham city centre – one of Manchester’s 10 boroughs that is currently undergoing a massive £60 million redevelopment.

 

Source: The Guardian

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