House rents soar to a record level
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Rents in Britain have reached a record high after rising for the fourth month in a row during May.
The average cost of renting a property rose by 0.5 per cent in May to £696 per month, a £30 increase from the same time last year, according to the UK's biggest lettings agent network LSL Property Services.
The increase is attributed to rising inflation and high house prices, which lead to an increase in demand for rental properties. Many who would in the past have been in a position to buy a house are having to put their plans on hold while they raise the large deposits needed.
David Newnes, the estate agency managing director of LSL Property Services, said: "Soaring inflation has taken its toll on would-be buyers' deposit funds. The rocketing cost of living, combined with the ongoing difficulty first-time buyers are experiencing in obtaining a mortgage is increasing the number reliant on rental accommodation.
"With the fierce competition for homes, rental gazumping is becoming more commonplace and properties are being let beyond asking price."
The research comes a week after the Royal Institution of Chartered Surveyors said growing numbers of tenants were finding themselves priced out of the market as rents continued to be pushed up by strong demand and a shortage of supply.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments