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Rents Carry On Their Upward Trajectory

2nd May 2008 | back to article listings BACK    print this article PRINT

Rents are still rising strongly according to Paragon's latest survey. With a rise of 4% in the first three months of 2008 and 12% just over the last six months it is clear that tenants will continue to pay part of the cost of the credit crunch. We have long said that rents will rise strongly for years to come after a long period of minimal growth, even when people said this was wishful thinking but we've never been one to follow the mass-market opinion.

We have previously forecast 10% growth per annum for 2008 and 2009 but it is more likely now that we will see 15% growth both this year and next year on average across the whole nation. This will make renting very expensive and easily comparable with the cost of a mortgage however the huge swing towards renting recently is unlikely to abate due to it being unlikely that hundred percent mortgages will be introduced to gain any time soon.

First-time buyers may wish they could purchase to reduce their monthly outgoings on a mortgage versus rent but they're going to have to save up a big deposit and that isn't going to happen any time soon. Rents will continue to rise strongly for several years.

This news story has come from the property investment blog by Stuart Law, CEO Assetz plc.

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