Housing costs across the UK have increased by 41% in the last 5 years

Housing costs across the UK have increased by 41% in the last 5 years, and renters and homeowners are now spending record amounts of £226 billion per year on housing.

The rental market is also being subjected to rising rental costs, with an average increase of 27% in the past 5 years.

The rental market and the mortgage market are facing similar increasing pressures; diminishing rental stock as well as increasing demand for rental properties, will compound the pressures being placed on both the rental market and mortgage markets.

Therefore, do not expect improvement in housing affordability over the next few years.

Read the full article here:
https://heyor.ca/XGxL6z

#UKHousingCosts #RentalMarket #HousingAffordability #MortgageMarket​