Rise in the Rent Rates in London
There has been a steep rise in the rents in London. There has been a reported rise of as much as 7.3% in the past year. The reason for this increase is thought to be the increasing demand of people who are of the wish to buy homes but aren’t able to cope with the raising levels of deposits for the mortgage payments.
It is said that if this trend remains the same, the tenants in the nation are the ones who are going to face the brunt of it. They might then be paying as much as 1000 pounds a month on an average.
It was also revealed by a newspaper that the average rents of the nation have risen by 4.2% in the past 12 months. This could mean a lot of trouble for the tenants of the nation. There is a need to strike a balance between the needs and requirements of the people and the property lenders.
"Although higher loan to value products are coming onto the market, there is still not much money at that level, and first-time buyers simply can't afford the average £25,000 deposit lenders require without substantial aid from parents”, said David Newnes, estate agency managing director of LSL Property Services.
He further added that with the increasing demand the supplies are exhausting and this is the reason the rents are climbing such high limits, which are much above the inflation rate and also above the wages.
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