Private rents have reached their second highest levels since 2008 as activity returns to the sector, a major lettings network has reported.
The Sheffield Telegraph reported that at £743 on average, monthly rents in August were just £1 less than an all-time high recorded in October 2012. The pace of rent increases stepped up to 0.7% month-on-month in August, following a 0.2% monthly uplift in July. Rents are 1.3% higher across England and Walesthan a year ago, although the increase is still less than half the rate of consumer priceindex (CPI) inflation at 2.7%.
The majority of potential first-time buyers in Britain would have lower monthly mortgage repayments compared with renting – except in London, the South East and Scotland, says a report. Across Britain, mortgage payments for those with a 20% deposit for a home are around £127 cheaper a month than renting, Santander Mortgages found.
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Taken from:http://www.sheffieldtelegraph.co.uk/news/business/property-news/rents-reaching-high-levels-1-6086530
