Sky high UK rents highest in Europe

Private tenants in the UK are paying more for their rents than those renting in other parts of Europe, according to new research by the National Housing Federation (NHF).

The NHF, which represents housing associations in Britain found people renting in the UK pay a monthly average of €902 (£750) compared with the €481 (£400) average being paid in other parts of Europe.

The new figures show private tenants in Britain spend almost 40% of their total monthly income on renting their homes while those in Europe spend only 28% to rent. Spain is identified as the second most expensive EU country following the UK, with an average monthly cost of €622, eating up almost 39% of their income. This is followed by Germany which is shown to house private renters at €600 a month, taking up 25% of the average wage.

David Orr, chief executive at the National Housing Federation said: “Not only do British renters face crippling rents, but they have almost no certainty about whether they will be able to stay in their home from one year to the next.”

The report shows 77% of those renting in Britain and Northern Ireland have moved in the past five years due to short term tenancies available. This is compared with 43% across the whole of Europe.

The information comes as new findings from Halifax show an increasing amount of would-be first-time buyers moving back in to live with their parents as a result of the skyrocketing prices. Despite the low mortgage rates, the Halifax study shows that of the 1000 parents used to collect the data, 28% had taken their offspring back into the family home compared with 24% in 2012.

Director of chartered surveyors e.surv, Richard Sexton said: “Borrowers finally have more money in their pockets as inflation remains limited and wages are experiencing a tangible rise. Meanwhile, lenders continue to offer an increasing number of products to borrowers with smaller deposits, at record low rates.”

SU/SKL

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