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Housing Solicitors

Record rise in private sector rents “fuelling housing crisis” (26 May 2015)

Date: 26/05/2015
Duncan Lewis, Housing Solicitors, Record rise in private sector rents “fuelling housing crisis”

New figures form the Buy-to-Let Index show that private sector rents have risen by their fastest rate since 2010, to reach an all-time record high.

Online publisher 24Dash reports that on a monthly basis, rents grew by 0.8% between March to April – the fastest month-on-month growth since September 2014.

The Buy-to-Let Index from Your Move and Reeds Rains shows that rents across England and Wales jumped by 4.6%, compared with figures for April 2014.

In April this year, the average rent across England and Wales stood at £774 per month – representing the most expensive rental prices on record.

London rents were found to have increased by the highest amount – a total of 2.3%.

The southwest saw the second highest rents increases, with rents up just 1.1% over the last month – closely followed by the West Midlands with a 1.0% increase between March and April.

However, rents in Wales fell by 1.8% on a monthly basis – and rents in both the northwest and northeast of England fell by 1.4% between March and April.

The National Housing Federation has described the record rise in rents as “terrible news for England’s millions of private renters”.

The director of estate agents Reeds Rains and Your Move, Adrian Gill said:

“Rents are going skywards and still accelerating. That momentum is fuelled by a fundamental shortage of housing and given oxygen by renewed wage growth.

“Economic progress has brought about a slow but steady stream of household earnings and employment: the most basic requirements for rent rises.

“Placed in the context of the UK’s pressure-cooker housing shortage, these modest improvements have driven rents up at record speed.

“This should be a loud and clear signal to the authorities that homebuilding is more than just manifesto-fodder – people have more money in their pockets, but we’re in danger of seeing that recovery squandered away on a housing shortage.

“With the surprise of a relatively strong majority government, there has never been a better time to take the bull by the horns and fix this housing crisis at the root. When you hear a kettle whistle, you take it off the hob.”

Anna Brosnan – head of campaigns at the National Housing Federation – said:

“This is the final warning call – and terrible news for England’s millions of private renters.

“With rents at an all-time high and continuing to accelerate upwards, what chance do people have of ever saving enough to achieve their aspirations of owning a home?

“Britain is in the grips of a housing crisis because successive governments have failed to build enough homes for the past 40 years.

“Our new government has committed to end the housing crisis within a generation – now it must free up land and provide proper investment to make that happen before it’s too late.”

Duncan Lewis Housing Solicitors

Duncan Lewis is one of the UK’s leading housing solicitors able to advise private sector tenants on a wide range of housing matters, including:

• Disrepair
• Housing benefit
• Housing possession
• Landlord & tenant disputes
• Unlawful eviction.

There are Duncan Lewis offices nationwide – and Duncan Lewis is also a leading firm of Legal Aid solicitors.

For expert legal advice on all UK housing law, call Duncan Lewis housing solicitors on 020 7923 4020.


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