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What Do Rising Rent Costs Mean For You?

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Tue 20 Oct 2015

What Do Rising Rent Costs Mean For You?

Though it’s no big news that rent prices on properties have been on the rise, new data has revealed that the current average cost to rent throughout England and Wales has reached record level, and comes in at £816 per month.

The same data has shown that five out of ten regions of England and Wales have also been hit with individual record level rents this September, with rent prices in London rising to a staggering £1,301 a month*.

Property experts have pinpointed the rise to the autumnal rental property boom, which comes around due to large influxes of student moves as well as young professionals in their 20s starting jobs. But could these rises equate to the answer to your property woes?

If your house has been on the market for longer than you’d anticipated with no signs of relief, it may be time to consider an alternative option. Renting your home will enable you to have a short-term income whilst you re-evaluate your options, but finding a reliable letting agent is imperative.

You should also reserve an evening (wine and chocolate permitted!) to read through your proposed agents terms and conditions. Though an undeniably tedious task, you need to ensure you properly understand the service you will be receiving, and always make sure there’s a proper contract involved.

If you have any property queries, our principal Ian Butcher shall be holding a drop-in session at The Art House Café in Penistone on Wednesday 28th October from 2-4pm. This informal setting is an opportunity for members of the community to come and get some free advice from Barnsley and Penistone’s most knowledgeable property experts. We hope to see some of you there.

 

 

 

*Figures obtained from http://www.propertywire.com/news/europe/england-wales-rent-record-2015101611100.html