Rightmove state the average rent looks set to increase about +2% next year.
With the capping of Housing Benefits plus other types of benefits coming into place next year, it will effect many of the new or existing renting market. They may be forced to choose or move to cheaper accommodation.
A large proportion stated via Rightmove, can be spending around 39-50% of their monthly earnings on rent.
As the ‘supply on demand’ balance shifts, there has been significant increased pressure on rents. Landlords are now deciding on whether to go with long term rents against short term gains.
As an alternative to renting, and getting on the property ladder, F-T-B may benefit from the ‘HomeBuy’ scheme introduced by the government. It is primarily, not exclusively for keyworkers or those considered to be in housing need with in income of under £60,000.