UK MONTHLY RENTS TO HIT £800 BY 2015

MONTHLY RENTS TO HIT £800 BY 2015

•           Average rents in England and Wales to hit £800 per month by mid-2015 (up 21% since 2010)

•           Despite rent rises, tenant finances will gradually improve, with rent in arrears to halve between 2008 and 2018

•           One in five people (20%) will live in privately rented accommodation by 2015

Rents in London predicted to rise from £1,110 now to £1,285 by May 2015
Rents in Wales tipped to increase from £566 to £624 over same period 
West Midlands predicted to rise from £570 to £598

In a speech latervtoday, the Operations Director at the largest lettings agency in the UK will outline predictions for the future of private renting.  Lucy Jones, of LSL Property Services, producers of the Buy-to-Let Index, will be speaking to the Council of Mortgage Lenders.

LSL’s projections show that, by mid-2015, average rents in England & Wales will reach £800 per month. By May 2014, rents will already average £765 per month.

Lucy Jones will say, “Fundamentally, buying a home is still becoming less affordable, not more.  Renting was the future before the recession – it cushioned many during – and it’s still the future for millions.  

By the middle of this decade at least one in five people in the UK will be living in privately rented accommodation.  

At some point in the summer of 2015, rents are set to reach an average of £800 per month.  Such levels of demand show the practical importance of this industry – and the importance of the financial mechanisms that make its expansion possible.”