Rents continue to sky rocket in Thurrock

THE PRICE if renting a property in Thurrock continue to go up and up and up.

Rents rose at a rate of 7.3 percent in the borough in 2015.

Rents rose at an average rate of 4 per cent in the UK through 2015 or twice as fast as wages, according to research.

The cost of renting stood at an average £1,280 a month by the end of 2015, up 3.8 per cent on 2014.

During the same period, average earnings rose 1.9 per cent to £1,874.

It comes amid a shortage of suitable shortage of properties to rent – particularly in London and the south east, the East Midlands and East Anglia.

It is fresh blow to tenants, particularly those who are hoping to save money for a deposit in a bid to step on the housing ladder.

Those in three bedroom properties have seen some of the biggest increases in rent, up 5.2 per cent on average to £1,484 in 2015, according to peer-to-peer lender Landbay.

The research also identified areas with the biggest increases, including commuter hotspots Luton at 11.1 per cent, Medway at 8.8 per cent and Thurrock at 7.3 per cent.

Landbay blamed the rising cost of living in London for the rises in these areas as people are priced out of the capital.

John Goodall, chief executive of Landbay, said: ‘Rents rose significantly ahead of wages in 2015.

Rents often track wages as consumers with more pay compete for the most desirable rental properties, but the fact that rents are outpacing wages is a clear sign of the shortage in properties to rent as large parts of the UK face an acute housing shortage.

This trend is clear in London and the South East, along with large parts of the East Midlands and East Anglia, and it is most evident for three bedroom properties.’

The north east and the north west were the only regions to see wages outpace rental increases.

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