For all of those who were still sitting on the fence about whether or not the pandemic caused a significant disturbance in property markets across the U.K., you'll be interested to know that Rightmove has revealed that rent prices (and their equivalent asking prices) have risen three times faster than before the pandemic started.
If you’re currently renting or you’re looking to move into a new place as a renter, you’re facing the cost of renting in the UK, which has shot up by almost 17% over the last two years, according to Rightmove.
Since the pandemic started, there’s been a shift in where people choose to rent, with rental prices mostly increasing in areas outside of London.
Rent prices have gone up by 3% from June 2021 - June 2022, which is the fastest they’ve been rising since January 2016.
Just before the pandemic started in 2019, rental prices in the UK stayed fairly steady up until the end of 2020, when we were still at the height of the pandemic. The beginning of 2021 even saw the growth of rental pricing slowing down, mainly in London. This may have been due to a decrease in demand because of the coronavirus (COVID-19) pandemic.
Remote working is becoming a lot more common and with that, more companies are offering this as an option, meaning people no longer need to live close to their London offices.
Rental prices UK, excluding London
In the 12 months to June 2022, rental prices for the UK, excluding London, increased by 3.6%, up from an increase of 3.4% in May 2022.
London rental prices
London private rental prices increased by 1.7% in the 12 months to June 2022, up from an increase of 1.5% in May 2022, the highest annual rate since February 2017. Despite this, London's rental price growth in June 2022 remains the lowest of any of the English regions.
While a deposit may not seem like a significant amount of money, when you combine it with all the other costs of moving in or renting a new flat, it can actually be quite the large sum.
Waiting around for your money deposit back from your landlord can be frustrating, and it's all the more irritating when you don't have any savings to splash out on renting your next place.
That's why we've created a Lifetime Deposit, so regardless of when you want to move, your existing deposit is available to use towards your next one.
If you’re looking to buy your first home in the near future - chances are you’re looking into renting a place to save up for the deposit you need to put down for your house. Or maybe you’d like to try living in a few different areas before you settle somewhere, so you’ve chosen to rent before you eventually look into buying a place.
But, with the average rent price and the rental deposit increasing in a lot more areas in the UK, will you still have money left to put aside?
We’ve got just the solution for you. With our Lifetime Deposit, you can use your existing deposit towards your next one, essentially meaning your deposit moves with you. This means you won’t have the added stress of having to save up for a second deposit whilst waiting for your landlord to give your old one back.
This will make saving up just that bit easier, getting you one step closer to buying your dream home in the future ⛅