Rents on the up as buyers give up on market
Home rentals in the UK have gone up by 20 per cent over the past three months, as people give up on the falling housing market.
The Association of Residential Letting Agents (Arla) said that 64 per cent of its members based outside London currently have more people looking for rental property than they have properties to rent.
Within the capital city, this figure stood at a still-high 41 per cent.
The renting trend has led to an increase in accommodation costs - a factor which could push some people in to debt.
Arla said that average rents for a house have increased by three per cent over the three months, while flat rents have gone up by seven per cent.
According to latest house price figures from Halifax, the value of the average UK property has declined by 12.7 per cent over the past year.
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