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UK rents now more than a third of average monthly salary

The average UK monthly rent now accounts for 33% of the average salary as rents, excluding London, have increased by 4% annually to £689, according to Sequence. The firm, which has a national network of over 300 estate agents, reports that six  tenants are chasing every available property across the UK – the highest number since 2011.

UK tenant applications are up 15% annually, while the supply of rental homes has dropped by 17%.

Stephen Nation, head of lettings for Sequence, which includes Barnard Marcus, William H Brown and Fox & Sons, comments: “The rental market in London is a hive of activity, with close to seven tenants chasing every available property. Demand to rent in the capital is rising at more than nine times the rate of supply reaching a four year high of £1,515 per month, up 10% annually.

“Applications for buy-to-let mortgages have reached the highest level in 2014, so far increasing by 14% annually in June and 12% since May. Buy-to-let mortgages are not subject to MMR scrutiny and thus have not been affected by the ruling. Change to pension annuities has also encouraged more investors to look to property for their pension pot as house prices and rents continue to rise.”

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