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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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Buy-To-Let Boom Continues !

Buy-To-Let Boom Continues!

According to the Royal Institute of Chartered Surveyors, (RICS), latest Residential Lettings Survey, the UK Private Rented Sector (PRS) experienced sustained growth between February and April 2012, with houses in greater demand than flats.

13% of chartered surveyors reported that PRS rents had increased with tenant demand largely responsible for the growth.

15% of chartered surveyors also reported rises in the numbers of prospective tenants seeking rental properties.

Landlords with Comprehensively Referenced Tenants and Rent Guarantee insurance witnessed an increase in their gross rental yields during the first few months of the year, although the pace has now begun to slow slightly.

Unaffordable mortgage finance, high deposits and stricter lending criteria has also forced many potential home buyers to instead turn to the UK rental market.

PRS rental prices have been rising steadily in the UK since 2009 due to the high demand for suitable rental accommodation available to rent.

An increase in the supply of properties to the rental market has also been cited as a contributing factor of the success of Buy To Let, with 7% of surveyors revealing increases in the numbers of landlords looking to let their properties to private tenants.

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