If you want to rent a residential property, we’ve got a bit of bad news - renting property is a pricey ordeal. In fact, the cost to rent a property in the UK is set to increase at the fastest rate in more than two years.
According to figures from the Office for National Statistics, rents across Britain have been on the up for over four years – a 10.2 % increase to be exact. The average price of renting is now as much as £789 a month. As a result, Britain is currently the most expensive country in Europe to rent a home in, which is due to a combination of demand outweighing supply and the increased average national income.
So, no matter which corner of the United Kingdom you venture into, you’re likely to find that house rental prices are a little more than you expected.
So what exactly is the alternative? How do you manage to find yourself a new place to live without suffering the financial burden of rising rental costs?
The answer, of course, is buying. And we would suggest buying sooner rather than later. While the average rent prices are increasing year on year, they are rising at a slower rate than property values. If house prices continue to escalate at the current rate – which indeed appears to be a distinct possibility – buying a property will become increasingly more difficult over time.
As for those involved with buy-to-let property, this can be seen as an appropriate time to display some cautious optimism. A recovering economy means that while rental prices are high, many UK residents can afford them. This is not necessarily a green light for landlords to demand extortionate rental prices, but it does mean that high returns on buy-to-let property are a possibility in many cases.
While buying a property could sound a little scary, buying instead of renting isn’t as complicated as it seems. Firstly, a wide variety of government schemes are available, all of which can help you get onto the property ladder. For example, the new Help to Buy ISA scheme – due for launch on the 1st of December 2015 http://www.weale-hitchen.co.uk/blog/introducing-the-help-to-buy-isa – could be huge for first-time buyers.
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