Rental costs up 1% in a year


October 30th, 2014

The cost of renting a home in Britain has rose by 1% in the last year, with the fastest growth seen in London and Scotland official statistics show.

This increase however is slower than the rising cost over general living included a 1% rise in England, a 0.2% increase in Wales and a 1.4% rise in Scotland.

This steady increase is because the demand from buyers in the housing market rose.

In the last year there has been greater activity among buyers and sellers compared with previous years. However, various data and surveys have suggested that the market has declined slightly over the last couple of months

Jeremy Leaf, an estate agent and surveyor in north London, said that many potential first-time buyers were choosing to rent at present, owing to many properties having become unaffordable.

He also said that many in London were taking a bet on prices easing in the next few months.

He said that more could be done to assist first-time buyers in getting on the ladder, but there was a risk at present of the authorities “looking the other way” on the issue.

The ONS figures show that the slowest rent rises in the year to September were in Wales, up 0.2%, and in the North West of England, up 0.3%.

*information sourced from – http://www.bbc.co.uk/news/business-29753155

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