Rents in the North West rising 4 TIMES quicker than rents in London

5th June 2014

Rents in the North West rising 4 TIMES quicker than rents in London

  • Renting in Copeland is becoming more popular, but prices in the North West are rising faster than in London.  Rents rose by 2.4% in the North West in the last year, compared with 0.6% in London
  • Tenants have to pay on average £355 to letting agents every time they move
  • Labour will add stability to the private rented sector

Copeland MP, Jamie Reed said:

“The scale of the housing crisis means that home ownership is now out of reach for more and more people.  The Government has presided over the lowest level of house building in peacetime since the 1920s.

“Whereas renting is a positive choice for many, more people are having the choice removed and are at the mercy of the markets.  This is being felt keenly in our area with rents increasing at a much greater pace than most of the rest of the country – even faster than London.

“Renters throughout the country are now paying on average £1000 a year more than in 2010 and typical tenancies of 6 to 12 months offers little security to a family looking to settle down.  The short tenancy agreements mean that families can face price hikes every year.  Labour have brought forward plans to make 3-year tenancies the norm.  This would ensure predictable rents, financial security and stability for those who need it. 

“Banning letting agents from charging tenants exorbitant fees means that hardworking families enter their new tenancies around £350 better off.  The Government should be backing Labour’s proposals.

“While the Government offer nothing for those who need security in their rented homes, Labour are leading the way.”
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