Housing rent increases 2.3% per year in UK

aResidential rental prices paid by tenants in UK have increased 2.3% in 12 months. According to the Office of National Statistics (ONS), residential rents up by 2.5% in England and 0.1% in Wales but down by 0.1% in Scotland. Rental prices increased in all over UK, the most in South East with the growth of 3.5% while prices across the country excluding London increased by 2.1%.

Nick Davies, head of residential development at Stirling Ackroyd says: “there is a lack of properties available to rent in London where demand is highest, partly due to a high number of international students, while London draws in some of the world’s brightest students and graduates, it lacks rental homes to accommodate them, we are witnessing the rent rises ripple out to the South East as potential tenants are forced to look further afield. The Chancellor Philip Hammond should consider scrapping the stamp duty surcharge for buy to let properties in his autumn statement in November as a way of encouraging more buy to let landlords into the market and making renting more affordable, this would make a huge difference to the cost of living for young people, making it easier to save for a deposit to buy their own homes as competition for rented homes is particularly fierce due to the 3% stamp duty surcharge being introduced earlier this year.”

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