Ain’t nothing going on but the rent
A survey by Nationwide has shown that rents are at the highest level for 11 years. Beleaguered tenants are shelling out an average of £779, and landlords are wearing crowns and top hats and laughing into their buckets of money.
The rise is down to a shortage of decent rented accommodation throughout the country – and the figure is also affected by prices in London, which stand at double the national average at an eye-watering £1465. Unable to buy because they’re priced out, tenants are really buggered – and if the trend continues people will soon have to face being priced out of the rental market, too.
As a result of the shortage, there’s also been a surge of investment in buy-to-let properties – with mortgage lenders giving out £2bn in loans in July.
Head of lettings at Sequence, Nationwide’s property rental group said: ‘If supply continues to be outstripped by demand, we will see further significant rental rises.’
So what will become of us all? With house prices AND rent going through the roof, where will we live? Where is the rent control? Where is the SANITY?