According to analysis from Rightmove, rent prices have hit a record high, with tenants now paying £400 more per month than five years ago.
This 44% increase in monthly rent prices has outpaced average earnings, which have risen just 36% over the same period.
There is also less availability of rental properties, with supply being 29% below 2019 levels.
With just a 4% growth in house prices over the last 3 years according to Zoopla, and average monthly rent being broadly the same as average mortgage repayments, buying a home is now much more accessible, and more financially beneficial than staying in a long-term rental.
To find out how to make the move from renting to home ownership, visit our Sales Centres where our Sales Executives will be able to put you in contact with our expert Mortgage Advisors! Check out our current developments here.
We also offer a range of Buying Schemes, designed to give you a helping hand to make our house your home – in particular, taking advantage of our Mortgage Subsidy, Deposit Boost, and Parent Power Schemes will be a direct assist for first-time buyers, or those looking to move from rented accommodation. Check further details and your eligibility for these schemes here!