The UK’s property market is putting up an unwelcome barrier to economic recovery as the country muddles its way through the most serious double-dip recession for fifty years.
Rent is getting more expensive in Britain and the number of people who have not managed to meet this ever-bloating cost on time is on the rise too.
According to the latest research. LSL Property Services which owns Your Move and Reeds Rains estate agents rent costs grew by 1% in July from the month before, with the annual price inflation reaching 2.9%..
Average monthly rent is now £725, while tenant arrears grew for a second consecutive month, with 9.3% of rent late or unpaid.
This swelling cost is crippling British households, who have the third highest accommodation overheads in Europe, spending 40 percent of their income on rent or mortgages.
House prices have also risen three times as much as the average income over the last decade, according to research from the National Housing Federation.
Written and Presented by Lianna Brinded.