Tenants are facing steep increases in rents as landlords push prices back to levels not seen since the start of the economic slowdown.
The south east in just one month have seen landlords push up rents by 2.8%, London has also seen a rise during August of 2%
Letting property in Bristol has itself on an average of all properties from studios to 5 bed houses seen rents decrease by 2.4% in the last quarter. So if your a tenant you have been lucky.
Average rents are below
September August July
Studio 551 516 477
1 Bed 554 548 534
2 Bed 685 688 676
3 Bed 793 776 768
All types average 766 768 784
Behind the increase in rent is supply and demand – which is currently strongly in favour of landlords. "accidental landlords" who put their properties up for rent when the market froze during the financial crisis has now fallen back, decreasing the supply of properties on to the market.
Meanwhile, first time buyers squeezed out of the purchase market as they cannot stump up sizeable deposits demanded by lenders, are switching to renting, instead.
Rents are jumping up as more and more potential home buyers opt to rent. People are wary of a crash in house prices and concerned over the effect of government cuts on their own ability to meet long-term financial commitments. Additionally, many can't get a mortgage at an affordable rate.
As more people are forced to rent, campaigning group Shelter says more are also becoming the victim of landlord scams. Its research found almost one million Britons have fallen victim to a scam involving a private tenancy or landlord in the past three years.
The private rented sector has increased more rapidly than any other tenure, with three million households now privately renting and predictions that one in five people will be living in the sector by 2020.
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