Accommodation for an individual in the busy country like UK is an essential to survive and spend life while working. Not everyone can afford living at their own. The expenses of life have increased to an immense level and the prices of the properties have increased unimaginably. According to the news the numbers of the people renting currently in UK have increased to a new high and this is growing by the time. The current status of the number stands on 8.5 Million people in England. Since the year 1997 the average price of the property has soared up five times to its original price. Purchasing ones own property has become one of the most difficult tasks to accomplish.
According to the reports and surveys, the analysts have predicted that if today a 21 year old person starts saving five cents per day from the salary, he would become capable of purchasing a property for him by the time he gets to the age of 52 years. It would take around 30 years and more to be able to purchase accommodation for ones own self in UK. The inability to purchase a house has given way to a new way to get the appropriate accommodation that is to rent a property according to ones desire. The life of the tenancy in UK is no more than 18 months. None of the tenancy lasts longer to this time span because of the increase in the rents or the change in the taste of the property or looking for better choice. This factor has lead to a new type of problem that has been emerging slowly but now the factor has grown to an immense level. The matter has become a problem for the incoming students from all over and also the professionals.
The current setup for the landlords and property renters was made during 1980s when the number of the tenants was significantly small. With the passage of time the number of tenants has grown to large extent and the demand for the property is equally increasing and the check and balance on the landlords has not increased with the same pace. The laws and rules set for the landlords need to be reviewed and also for the tenants so as to secure the investments and the properties of the landlords and also to secure the rights of the tenants so that they cannot be exploited in the name of rent. Over charging rent as compared to the market can be reported to the related departments that are meant to take notice of such matters. Despite all factors, the business of rental properties is growing as maintaining ones own property has become really difficult and also the business of buy-to-let has made it another booming business.
Article source link:http://www.articlesbase.com/real-estate-articles/britains-cant-afford-to-buy-homes-but-renting-too-isnt-working-6664732.html
According to the reports and surveys, the analysts have predicted that if today a 21 year old person starts saving five cents per day from the salary, he would become capable of purchasing a property for him by the time he gets to the age of 52 years. It would take around 30 years and more to be able to purchase accommodation for ones own self in UK. The inability to purchase a house has given way to a new way to get the appropriate accommodation that is to rent a property according to ones desire. The life of the tenancy in UK is no more than 18 months. None of the tenancy lasts longer to this time span because of the increase in the rents or the change in the taste of the property or looking for better choice. This factor has lead to a new type of problem that has been emerging slowly but now the factor has grown to an immense level. The matter has become a problem for the incoming students from all over and also the professionals.
The current setup for the landlords and property renters was made during 1980s when the number of the tenants was significantly small. With the passage of time the number of tenants has grown to large extent and the demand for the property is equally increasing and the check and balance on the landlords has not increased with the same pace. The laws and rules set for the landlords need to be reviewed and also for the tenants so as to secure the investments and the properties of the landlords and also to secure the rights of the tenants so that they cannot be exploited in the name of rent. Over charging rent as compared to the market can be reported to the related departments that are meant to take notice of such matters. Despite all factors, the business of rental properties is growing as maintaining ones own property has become really difficult and also the business of buy-to-let has made it another booming business.
Article source link:http://www.articlesbase.com/real-estate-articles/britains-cant-afford-to-buy-homes-but-renting-too-isnt-working-6664732.html
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