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Inside Housing: First-Time Buyers Hit By Record Rents.


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'First-time buyers hit by record rents':

http://www.insidehousing.co.uk/tenancies/first-time-buyers-hit-by-record-rents/6517296.article

According to the latest buy-to-let index from LSL Property Services plc – owner of the UK’s largest lettings agent network – the average rent in July in England and Wales rose by 0.6 per cent to £705 per month.

The previous record of £701 was set in June and, with annual inflation at 4.2 per cent, the average rent is now £29 a month higher than in July last year.

London had the greatest annual rent increase – 7.9 per cent – to hit a new high of £1,009 per month.

David Newnes, estate agency managing director of LSL, said: ‘The increasing cost of rental accommodation –alongside the soaring cost of living –is eroding first-time buyers’ ability to save deposits. But first-time renters are also keenly feeling the pinch.

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Judging by apartment buildings I've seen.. units that in the past would house 1 young adult.. now house 3, sometimes 4 young adult immigrants.

For many like from Africa, its a pretty nice way to live compared to what they are used to.

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