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News - 18 October 2013

Rents in private sector hit record high.

According to a recent survey, the average cost of renting a home privately across England and Wales rose by 2.1% to £757 a month in September compared with the same month a year earlier.

Christine Matthews, Property Manager at ABDS comments
“The survey shows an increase in almost every region, which indicates that despite Government schemes buying a first home, is still a difficult proposition. This trend is not only due to low salary growth but is also due to a general shortage in available properties which is pushing the price band up and up. The long-term trend to renting therefore looks unlikely to change significantly in the near future."

The government has brought forward its Help to Buy scheme, which aims to assist those who can afford mortgage payments, but struggle to raise the necessary deposit to secure a mortgage and purchase a home.

However, critics have said that the scheme could create a housing market bubble, with official statistics suggesting UK house prices are already at a record high.

However, the annual rise in rental costs was still slower than the general increase in the cost of living, with the Consumer Prices Index measure of inflation at 2.7% in September.

If you need any help and advice on the implications of Property Ownership, Letting and Taxation, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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