If you can’t afford to buy a home, and let’s face it, it’s getting more and more difficult to do so, you then have to rent.
And costs associated with that are soaring, according to the property company Zoopla .
Its research found that rents outside of London have reached a 13 year high, pricing many potential tenants out of the market.
Not only, then, do you need to find the money for bills, council tax, internet and more, you now face the prospect of having to come up with more to secure a roof over your head.
So, let’s tell you how much it is now to rent in the UK, why the renting costs have gone up so much and what this all means if you’re a landlord or a tenant.
How much is it to rent in the UK?
According to the latest Rental Market Report from Zoopla, renting a home in the UK, outside of London, now stands at £790 a month.
The cost represents a five percent hike in rent prices in the UK, excluding London, in the past year. That’s the highest rise since Zoopla began recording them.
The biggest increase is in the south-west, with tenants paying 7.6 percent more year-on-year. However, the East Midlands also saw a large rise – at 6.8 percent and the north-east recorded 6.5 percent.
Why have rents in the UK gone up?
According to Zoopla, there has been a large rise in the demand for rental properties without the number of rental homes becoming available to meet that need.
Gráinne Gilmore, head of research at Zoopla, said: “There has been a sharp rise in demand for rental properties in recent months, especially in central city markets, signalling the return of city life as offices and other leisure and cultural venues continue to open up more fully.”
Some cities have seen their rent prices increase by more than 10 percent, with Wigan, Greater Manchester, seeing a rise of 10.5 percent.
London, meanwhile, has seen its rent prices go down by 3.8 percent year-on-year, but that’s showing signs of flatlining as people come back to the capital city.
What does this mean for me: landlord or tenant?
If you’re a landlord, then this is good news. With the supply of rental properties failing to meet demand, you could ask for more money for your home.
Meanwhile, tenants could find it difficult to find somewhere affordable to rent, particularly in the city. Zoopla recommends looking outside of towns and cities to find a place if you are struggling.
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