The proportion of Britons who rent a place to live, continues to grow

Average rent of a new house or apartment in the UK increased by 3.6% for the year and has already reached £941 per month.

Therefore, people tend to buy their homes. If a person has a real prospect to buy their homes, he was ready to move and change their place of residence. According to a study conducted by Countrywide, 51% of people moved in bought a house replacing your city , where they lived in rented accommodation in 2015, compared to 39% in 2008.

However, over the years, housing prices grew much faster than rental rates and, accordingly, increased the number of homeowners who have joined the ranks of renters, due to the unavailability of for them to buy a real estate property.

The growth in property prices in London, for example, was 42% in 2012, and rising rents for residential property in London was 19% with £1000 and has reached £1234 per month. In this regard, people who have decided to buy their own homes, forced to save and move to a less expensive area in comparison with where they lived, when rented housing. For example, in London, the difference in value of the property amounted to £93000.

To the North of England, this difference is erased. People moving from rented to own home, choose an area about the same price. The average difference between the districts is £8000 pounds. And in some Northern cities such as Newcastle, people, changing rented housing on their own, choose the more expensive areas of the city.

In addition to affordability, buyers in the UK pay attention to the size of the property, trying to choose housing more in size than they had previously. Meanwhile, tenants are getting old. A rapidly growing proportion of tenants of residential property in the UK, which for over 30 years. The older I get and the people who first bought a house, become owners at a later stage of life. Families prefer not to take a small apartment and to wait and buy a family home.

Rising rents on property in the UK is fuelled by a housing shortage and a constant increase in demand. After the summer boom in demand for rental, now is the traditional autumn cooling, but the overall trend and rental prices of residential real estate continues its steady growth.

® Maxim Savitsky. G. 07.10.2015

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