Rents increasing faster than incomes

The latest findings from the HomeLet Rental Index reveal that rents have increased 4 times faster than incomes in eight out of the twelve regions of the country. The average price of renting a home in May increased by 7.5% but national average earnings are rising at 1.7%. A spokesman for HomeLet says “Our results indicate some increase in the longer term trend of annual rate of rental value growth, especially in regions in the South of the country”. This places a further burden on “Generation Rent” – those earning too much to qualify for social housing, but not enough to purchase their own property.

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