Relocating to a new area is one of the biggest decisions a person can make. Whether you are a student about to leave for University, a couple moving for future job prospects or a family wanting a change and better quality of life. There is no one reason to make such a big change.
When it comes to paying rent, the word affordability is often used to describe different areas. Rents in central London aren't considered affordable for the majority of workers, while the outskirts of the city is more affordable for a larger number of people. However, a proptech firm has described affordable rent as 50% of earnings, a claim which some may not agree with.
While its common to read and hear about how expensive renting is in the UK and that its set to get more expensive in the future, it's less usual to hear that rental costs rises aren't as high as they could be. However, recent research has highlighted that even though rental costs have risen, the increase in rental deposits is much lower than price rises of other costs faced by many Britons.
If you're aged between 30 and 44, you're more likely to be living in the Private Rental Sector (PRS) than ever before. However, data also shows that the average monthly rent in the UK, has declined. Recent research highlights that most age groups are now more likely to live in PRS accommodation than 20, or even 10 years ago. And while rents have been rising over the past few years, the latest figures suggest a mild reversal of that trend.
New research has some good news for the UK's army of tenants, as the cost of renting calculated as a proportion of average incomes has fallen between 2019 and 2016. Given that rents have actually been on the rise during much of that period, the findings of the research from the Deposit Protection Service, (DPS) might come as a bit of a surprise.
Average UK rents rose in 2019, as a lack of available properties to satisfy tenant demand pushed them higher. Ongoing Brexit and political uncertainty combined with changing regulations worked to weigh on investor demand for property. However, while tenants will likely face higher rents for some months, research suggests there are signs that Buy-To-Let (BTL) investors are now showing interest in investing anew in the sector.