Average UK Rental Property Price Increases in July

Average UK Rental Property Price Increases in July

HomeLet, a UK tenant referencing service, has released information on a milestone reached by the rental market. July saw a 2.2% increase in the amount of the average rental price for a UK property. The 767 pound mark is the highest level in three years. This is another reminder that mortgage lending is still unobtainable for most, especially first time buyers. Demand within the rental market continues to escalate which will prompt an equal shift in prices.

Less than three years ago, more than two-thirds of all UK homes were occupied. Statistics from the Department for Communities and Local Government English Housing released data indicating this occupation level has fallen to 67%, exactly two-thirds. UK residents who are able to purchase do. The way the housing market is going to move forward though, is for a new wave of first time buyers to flood the market. A philosophy which relies on the lose some, gain some principal.