Rents on the private market rental property in the UK rose by 2.3% over the last 12 months prior to September 2016. The maximum increase in rent marked on a property in England and 2.5% in Wales stakes arena and salaries increased by a slight 0.1 percent, and in Scotland also by 0.1%.
In England the locomotive of growth of prices is the South-East, where prices grew by 3.5%. Traditionally high demand for residential property in London, where demand is fueled by a large number of foreign students. Since rooms and apartments in London traditionally is not enough for all students, they are forced to seek housing outside London, driving demand for rentals in the towns adjacent to London.
In this regard, more and more distinctly the voices of reconsidering the increase in the rate of Stamp duty for investors by 3%, which was introduced in April 2016. This increase in the tax burden on investors has complicated the already difficult situation of housing affordability in London. As a result, the lives of young people in London became more difficult. Rent for property in London rose 2.7 %. It would seem that it’s not much compared to the growth in housing prices. However, wages grew even less – by 2.3%. That is, inflation in the housing market significantly exceed wage growth. Young people have opportunities to save a Deposit to buy their own homes and they can’t rent due to the total lack of available real estate. Market participants hope that in November the rule about the increase in the rate of Stamp duty of 3% will be revised .
® Helen Entree. 25.10.2016 G.
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