Rents in Bath 'set to rise'
Published by Sarah Ashcroft
The rental market in Bath and north-east Somerset is set to become an even more expensive place for tenants in the coming years.
New figures from the National Housing Federation (NHF) have predicted the average cost of renting a home in the region will hit £1,253 a month by 2020, reports the Bath Chronicle.
It means prices in the south-west will rocket by 49 per cent over the next seven years, with Bath and north-east Somerset at the very top of the list when it comes to the most expensive places to rent a home in the region.
Presuming the NHF's assessment becomes a reality, a typical family renting a home in the area will have to fork out an extra £409 per month by the end of the decade. The body suggested this is likely to hit local renters the hardest.
But it could be good news for landlords who already have homes in Bath and north-east Somerset or those who are planning to expand their portfolios by making an investment in this part of the country. With such a healthy return expected, it could prove to be a shrewd acquisition.
Catherine Brabner, external affairs manager for the south-west at the NHF, said: "The housing crisis in the south-west is having a domino effect through family generations because young people in decent jobs are relying on their parents just to rent a home - never mind save for a mortgage deposit."
She went on to urge people to tell local authorities that they believe the only solution to this issue is to increase the number of new homes that are built in the south-west in the years to come.
Until this happens, rents are likely to continue to rise, which is undoubtedly bad news for tenants but could be a blessing for landlords.
Ms Brabner said she believes local councils could be ready to build new homes if people are vociferous enough about the matter.
Published on: November 7, 2013
Did you like this article? Share it!