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The cost of renting in the UK soars

supply of rental properties

New reports have revealed how the number of rooms available to rent in the UK has risen by 25% over the past year, suggesting that the buy to let market hasn’t exactly taken the hit that many predicted. 

Even more interestingly, rental costs in several cities are now rising faster than those in the capital. 

While London rents are showing reduced growth of just under 2% with a report in Homes and Property highlighting how the average monthly rental price is London is £747.

Luton, a city in London’s commuter belt, has had the highest rise of 14%, taking its average monthly rent to £446 and other cities are following closely behind. 

 Swindon has an average monthly rent of £463 and Crossrail hotspot, Reading, is experiencing an average amount of £549. 

“The first quarter of 2016 saw some respite for renters, thanks to an upturn in supply as buy-to-let investors rushed to complete ahead of the stamp duty increase,” says Spareroom.co.uk director Matt Hutchinson.”But this may only provide temporary relief – the UK’s residential rental market is still groaning under the weight of demand, particularly in London’s satellite towns. 

“Even cities like Manchester and Birmingham, which offer some of the highest levels of supply for renters in the UK, are massively oversubscribed, with six tenants competing for every room.”

It is a well-known fact that renting is far more expensive than paying off a mortgage, and thankfully, help to buy has now made it a lot easier for people to get onto the property ladder. 

This is also the area that Inspired Homes focuses on. We build stunning apartments in excellent areas, which start at just under £200,000 with the hope of giving more Londoners the chance to own their own home. 

To find out more, please contact the team on 020 8688 6552 or email sales@inspiredhomes.uk.com

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