Site claims rent ahead of tenants’ income
Property sharing website SpareRoom claims that UK rents have risen far beyond the income of tenants, with Scotland and London becoming the least affordable locations.
Rents in Scotland have risen by 9.9 per cent in the past 12 months alone, twice as fast as tenants’ budgets (5.1 per cent). In London, rents have increased by 5.1 per cent while budgets have only increased by three per cent. Based on the last 12 months,
In London, rents have soared by some 26 per cent in the past five years while tenants’ budgets have increased by a mere 10 per cent. In Scotland, where rents have increased by 24 per cent, tenants’ budgets have actually dropped a surprising 22 per cent.
Northern Ireland has seen the slowest rental increases over the past five years – just 10 per cent – whereas tenants’ budgets there have dropped five per cent.
SpareRoom’s figures do not include demographic breakdowns, which may show that the profile of tenants may have changed over the past 10 years.
SpareRoom is campaigning for the Rent A Room Scheme tax-free threshold, which hasn’t been changed since 1997, to be raised to £7,500 per annum. It currently stands at £4,250. Such an increase would encourage more existing home owners to let out at least a room
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