Rents across the UK are already rising at faster rate than ever before, especially in London. Yet, there are threats that prices could increase further, with a recent report suggesting that tenants simply cannot afford further costs.
New research suggests that 16% of private renters cannot afford even just a 1% increase in monthly rent, 26% cannot afford an increase of up to a 3% monthly rent and a huge 42% cannot afford an increase of up to 5% in monthly rent.
The survey, which was carried out by YouGov, has raised concerns that further increases in rents is going to cause significant problems for those who are not able to buy a home due to soaring property prices.
A recent article in Property Wire noted how mortgage holders were more able to absorb larger increases in monthly payments, with 24% saying monthly mortgage payments would have to increase by more than 20% before they became unaffordable, compared to just 7% of private tenants who said the same of their monthly rent payments.
However, in main cities and most notably in London, the average age of a first time buyer is creeping upwards, meaning that a rise in rents is only making the issue of low levels of home ownership more apparent.
Buy now, before prices become too high!
At Inspired, we are dedicated to providing affordable, yet luxurious London homes.
We offer the very best in urban living, hand-picking superbly linked locations which also boast a huge variety of amenities.
Furthermore, our design team ensure that all of our studios and London apartments are fitted out with the latest home technologies and designer interiors.
All of this, yet we are doing our part for first time buyers by offering our London homes with price tags starting at £235,000.
To find out more, please contact our team on 0208 688 6552