UK Tenants Pay Highest Rents In Europe
A new report carried out by the National Housing Federation (NEF) show that tenants in the UK pay the highest rents than any other European country. The news doesn't make surprising reading considering that rents have risen astronomically over the last few years. Rented accommodation is in such high demand that rents have been pushed to eye watering levels not seen before and prices look as though they will continue to rise. Tenants in the UK are also paying a higher proportion of their income on rent compared to tenants in Europe.
UK tenants pay 40% of income on rent
ts are almost double what they are in Europe with the average rent on a home costing £750 a month compared to £400 a month in Europe. Tenants in the UK spend almost 40% of their income on their rent compared to an average of 28% in europe. Only spain comes close to the UK with 39% of their income being spent on rent. Tenants in Germany only pay 25% of their income on rent which is one of the lowest in Europe. Tenants in Slovakia paying the lowest rent in Europe at ££239 each month.
Their is also further evidence that first time buyers are also moving back in with their parents in order to save a larger deposit to buy a home. They are not able to get a deposit together whilst renting in the private sector as rents continue to rise. Another major issue is short tenancies which allows landlords to move tenants out after 12 months whilst hiking the rent up. Experts believe that longer tenancies would be beneficial to tenants but currently they can be asked to move home after 12 months.
Whilst the housing market continues to see price increases there are a growing number of buyers that are relying on financial help from their parents and family members. Many of the homes that are being built are being sold to buy to let landlords which is not helping tenants.