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Rent prices rise 8.9%


Rent prices have increased by an average of 8.3% over the past year, as the average price of rent paid by private tenants rose to £816 in September.

Letting agents Reed Rains has found that private rents have increase by an average of £48 a month over the past year. This shows a massive discrepancy between the cost of living and the cost of renting, as inflation has caused prices of goods to fall by 0.1% over the past year.

Another study by HomeLet claimed Manchester, Newcastle and the London borough of Westminster all saw rent increases of close to 20%.

The figures come after official figures showed how difficult it currently is to buy a house, as the average UK house price soared to £284,000 in August.

Adrian Gill, director of Reeds Rains, said:
“Rents have been growing faster than ever – particularly in real terms, given inflation has essentially been zero since February. Across the country, towns and cities are seeing demand from local tenants outstrip the supply of properties to let, with inevitable effects on rents. There is little sign yet of this cooling substantially as the autumn progresses.”

Chief Executive of housing charity Shelter, Campbell Robb, said:
“It’s time for George Osborne to give back hope to ordinary families who are priced out and losing out by investing in the genuinely affordable homes we need, for renting or buying, in the upcoming spending review.”

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