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Rent prices increase 3.4%


Rent prices in England and Wales increased by 3.4% over 2015, according to figures from estate agents Your Move and Reeds Rain.

The figures show that the cost to rent a home has increased to its highest level ever in some regions, with the average cost of renting now at £794. The largest increase over the year was in the East of England where rents increase to an average of £831, and London saw a 6.3% increase that took the average to £1,251.

Demand for rented accommodation has increased due to the difficulty many first time buyers are facing when attempting get on the property ladder. Estate agents in London have also reported that many wealthy residents are choosing to rent rather than buy in the capital thanks to the changes in Stamp Duty requirements.

The reports have also shown that paying rent has become harder for tenants as the total amount of rents in arrears rose to 9.3% in December. This is due to prices being driven upwards by improvements in household incomes and growing pressure on supply.

Campbell Robb, chief executive of the housing charity Shelter, said:

“These figures are further proof that this country’s 11 million private renters are being dealt a bad hand”

“The only way to give hope back to struggling private renters is for the government to commit to building genuinely affordable homes that people on low to middle incomes can afford to rent or buy.”

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