The average private tenant hands over £50,000 to their landlord before they start paying a mortgage instead.
A new analysis of rental date shows that rents have fallen across the UK by an average of 2.4% since the start of the credit crunch in 2008.
Rents fell in November for the first time since March, but are still 3.4% higher than in November last year.
Protesters made up of a coalition of tenants’ groups held a demonstration at City Hall in London as councillors met to discuss the private rented sector.
A stable income and a boost to insufficient pension provision are the two top priorities of buy-to-let investors wishing to make a new investment over the next 12 months.
House prices in the UK will rise 2% next year and rents will go up 4%.
London mayor Boris Johnson has announced plans for a major new voluntary accreditation scheme for landlords and agents, the ‘London Rental Standard’.
Wealthy foreign students now account for 29% of all private tenants on the books of one large property manager in prime central London.
Buying is cheaper than renting in 90% of 50 towns in Britain. On average, renting in Britain costs £1,080 per year more than buying.
A ‘slum’ landlord is set to be the first in the country to be banned, via the conditions on an ASBO, from letting his homes out to vulnerable tenants – namely people on benefits.
The extent to which Britain is turning to the private rented sector has been highlighted by the latest Census figures.
The surge in private tenants reported in the latest census highlights the need for immediate Government intervention.
