The average cost of renting and buying in the UK went up, acording to ee24.com citing themovechannel.com and propertywire.com.
The average cost of renting a house in England and Wales has reached a record high of £757 (€893) a month. Compared with last September it rose by 2.1%.
LSL Property Services report says that such price increase is associated with the keen demand. Although the first-time buyers can get a mortgage with only a 5% deposit, many of them make choice in favor of renting. David Newnes, head of LSL, said that the widespread increase of the renting cost shows that people still can't afford to buy a house, despite the state program.
Also it should be remembered that property prices in the UK are also growing. Speculative demand from foreign investors and local buyers has led to a sharp reduction in supply.
According to Sequence agency report, property prices in the UK have not changed compared to the previous month but grew by 7% yoy, reaching £204,340 (€241,120). The average cost of property in London has increased by 2% compared to the previous month and by 6% yoy, amounting to £390,355 (€460,617).