Rents in England at an all-time high

The average monthly rent in England measured over the 12 months to September was £725, according to the Office for National Statistics. This is the highest level ever recorded.

London unsurprisingly had the highest median monthly rent at £1,435, almost double the England average.

And this was hugely different to the North East which recorded the lowest median monthly rent, at £495.

Rental prices and the spread of rents tended to be higher in the southern regions of England than in the Midlands and northern regions.

With average rents in England hitting a record high over the past year, it’s no surprise more and more tenants are desperate to get onto the property ladder. Psychologically, it can be deflating knowing that you’re paying so much for so little, especially in the capital where rents are borderline obscene.

With interest rates so low, getting a mortgage can be considerably cheaper than paying rent but finding a deposit remains a key obstacle to homeownership.

Anyone seeking to buy their first home in today’s market needs to show estate agents and mortgage brokers that they are genuinely purchase-ready rather than simply chancing their arm.

Although you may have seen some press articles on the number of mortgage products decreasing from the market, re-mortgage products are still freely available.

As such, this period represents a great opportunity for homeowners to save money on their mortgage with some of the great low rates currently available.

If your current mortgage rate is coming to an end, despite this Covid-19 scenario the lender would still hike your rate up to their standard variable if you do not look into your re-mortgage options. There are some great mortgage deals being offered by lenders currently.

If you would like to know more about a new or re-mortgage or options available please do make contact and one of our independent advisers will be happy to assist.