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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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Landlord Possession Orders And Tenant Evictions Increase

Tenant Eviction Figures Increase Again

Tenant Eviction Figures Increase Again

There has been a dramatic increase in the number of PRS landlords seeking to evict bad tenants and the volume of possession orders doesn’t look like abating any time soon according to data released by the UK Government.

Government figures show that there were 103,329 landlord claims for tenant eviction and orders for possession made last year, the highest recorded rate over the last five years and continues to represent an upward trend.

It is estimated that between 67% and 80% of claims led to a possession order being granted by the courts.

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UK Residential Property Prices Fall At Fastest Rate For Three Years

UK Residential Property Prices Fall At Fastest Rate For Three Years

UK residential property prices have dropped at the fastest rate for three years and now UK economists are warning that the double-dip recession will push them down further.

Nationwide published figures last week showing the average value of a residential property has dropped by 2.6% since July 2011.

The news is the biggest annual fall in UK property prices since August 2009 and follows a drop in property values almost every month since December.

In July 2012 the average UK residential property lost 0.7% of its reported value.

The figures from Nationwide also reveal a slump in average property prices since the peak of the UK property market in October 2007 when average residential property values stood at £186,044 (GBP).

Today the average property value is worth £164,389 (GBP), a fall of £21,655 (GBP) which is almost the equivalent of an average UK annual wage.

Robert Gardner, chief economist at the Nationwide said “The drop is unsurprising given the disappointing performance of the wider economy”.

Official figures showed that last month the UK was still struggling with the longest economic downturn in history.

National residential property prices mirror the economic struggle in the UK with only the shortage of habitable residential properties available preventing larger price falls in many parts of the country.

Mortgage lending figures are still poor, and lenders’ reluctance to lend is being felt most keenly by first-time buyers and landlords who want to expand their property portfolios.

Nationwide refuses to predict if house prices will continue to fall, but economists have already made their own bleak forecasts, stating that UK house prices are likely to remain under pressure for the rest of the year.

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