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House prices have increased 50% over the last decade.
With current house prices being so unaffordable for the majority of young people today, so-called “Generation Rent” is left without choice but to rent.
However, after the recent stamp duty increase, as well as tougher mortgage rules and tax changes, buy-to-let landlords have been forced to scale down their property portfolios resulting in less rental properties being listed and rent prices being higher due to less competition in the lettings market.
UK rent expected to rise faster than house prices over the next 5 years.
The median monthly rent in the United Kingdom between 1 April 2015 to 31 March 2016 is £650.
Unsurprisingly, London rates the highest for rent in the UK at double the national average.
According to the Royal Institute of Chartered Surveyors: rent will increase by over 25% and property value by less than 20%.