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National Housing Federation Reveals Most Unaffordable UK Areas To Rent Property

National Housing Federation Reveals Most Unaffordable UK Areas To Rent Property

National Housing Federation Reveals
Most Unaffordable UK Areas To Rent Property

Towns and cities such as Oxford and Brighton have overtaken many London borough’s as the most unaffordable places in the UK to rent, according to the National Housing Federation.

London boroughs may have the monopoly on the most expensive rents in the UK’s private rental sector (PRS), but when factored against average local earnings, UK towns and cities such as Oxford, Brighton and Bath are calculated to be more unaffordable than many London boroughs.

The most expensive area outside of London is the Three Rivers area in Hertfordshire, where the average PRS rent swallows up over 50% of the average income of residents in the area.

Other places such as Oxford, South Bucks and Brighton are now more unaffordable than London boroughs such as Greenwich and Lewisham, with renters spending over half their salary on rent before they’ve covered any other bills.

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New LHA Rates for 2014 -2015 Published

New LHA Rates for 2014 -2015 Published

Local Housing Allowance (LHA) Rates Change In April

Every year the Government publish Local Housing Allowance (LHA) rates that are periodically reviewed and payment levels in some UK regions may change without notice.

The April 2014 – March 2015 LHA rates have now been published and the revised list makes interesting reading for landlords and letting agents who are willing to accept tenants claiming benefits.

UK private rental sector landlords are able to ensure rental property profits by allowing their properties to be let to tenants claiming housing benefit (HB), with local authority rental payments exceeding buy-to-let mortgage payments.

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Property In The North Is Cheaper

Property In The North Is Cheaper

North of England Leading The Way
For Renting Property

Renting property is more affordable in Northern regions of the UK as property prices in some areas stretch beyond of the reach of the average earnings of first-time and next-time buyers.

Chichester is the least affordable place to buy or rent property in the UK, whereas Hull and Belfast are the most affordable.

Middlesbrough, Dudley and Wolverhampton have the most affordable rental markets in the UK with 99% of properties within an average working couple’s budget.

The North-South divide is still prevalent in the UK property market with the most affordable properties located in the North of the country, where first-time and next-time buyers in full-time employment have the largest pool of properties within budget to choose from

Rental prices in East Anglia and the South East of England are among the highest in the UK according to analysts as these areas outperform the rest of the country, due to high tenant demand.

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