The rental market reaches crisis point | Money | The Guardian
Is Britain's rental market out of control? We all know that millions of would-be first-time buyers have been priced out of home ownership, but a wealth of recent data shows that with rental costs hitting all-time highs, many are now finding that this supposedly cheaper alternative is becoming increasingly unaffordable.
Lettings agent Countrywide says soaring demand for rental property means homes are being let in record time. It has five prospective tenants for every available home, despite a marginal increase in the number of properties available. And this is not just an issue in London and the south-east, or a problem confined to urban areas.
Figures produced for Guardian Money by Halifax show the average monthly rent across the UK has risen to £722. Meanwhile, what it describes as the average monthly buying cost (mortgage payments plus insurance and other costs) has fallen to £600.
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