Rents up across the UK

Private rents rose sharply across the UK in the in the 12 months to the end of January with England bearing the brunt of rises, Ryan Fowler writes

Rents up across the UK

ONS figures have revealed that UK-wide rents rose by 2.6% but when broken down nationally England saw the biggest increase of 2.7%, Wales 0.3% and Scotland 8%.

Steve Griffiths, head of sales and distribution at Kensington Mortgages, said: “These figures show that the cost of rent is continuing to rise, which will only make it harder for people to save the deposit needed to buy a home of their own. Whilst homeownership is rightly the key focus of this government, we shouldn’t forget that the private rental sector is also an integral part of the UK’s housing needs.

“For many people, renting is a first step on the path to homeownership. It’s therefore essential that any steps taken in favour of homeowners are not to the detriment of renters, as this will ultimately reduce their ability to save for a deposit.

“As such, any further restrictions or taxes on buy-to-let must not be too onerous, as this will not only limit the number of properties in the private rental sector, but will also risk a subsequent rise in rental prices.

“Ultimately, these costs will threaten the finances of thousands of renters who are currently saving for a home.”

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