New figures reveal the cost of renting a family home in Uttlesford has increased by a quarter

PUBLISHED: 09:18 02 July 2018 | UPDATED: 09:18 02 July 2018

Rental prices have increased by 24 per cent. Picture: ARCHANT

Rental prices have increased by 24 per cent. Picture: ARCHANT

Archant

The cost for a family to rent a home in Uttlesford has increased by 24 per cent over the last four years, new figures have revealed.

Between April 2013 and March 2014 the median monthly rent for a three bedroom family house in Uttlesford was £950, according to figures from the Valuation Office Agency (VOA).

However, by 2017-18 that cost had spiralled to £1,175. The average rise across England over the same period was 15 per cent.

The UK currently has the highest number of private renters in the country’s history, more than one in five households.

In Uttlesford the overall median monthly rent was £950. That’s a rise of 19.5 per cent since 2013-14, when the VOA first began publishing this data.

This is higher than average for the East of England, which is £775.

The cost to rent a one bedroom property is £695. That’s a 20.9 per cent rise on 2013-14.

The median is the middle figure out of a group of numbers, so not distorted by very high and very low rents.

The figures are calculated after the VOA has collected samples throughout the 12 month period. Different years have different sample sizes so annual changes are estimates.

Dan Wilson Craw, from pressure group Generation Rent, said: “Renters are in a bind. If they choose to live where there’s a strong jobs market they might see their pay packet gobbled up by high rents.

“If they live somewhere cheaper, either there’s a risk that it’s harder to find a stable job or they pay for it in higher commuting costs.

“The government must make renting a more secure arrangement, with restrictions on rent rises and unfair evictions, but also look at how to introduce a living rent that ordinary workers can afford.”

Lawrence Bowles, research analyst at the estate agents Savills, said: “The outlook is strong for investors. The current figures show rental values falling, but we’re expecting a return to growth over the next five years.

“However, this is less positive for tenants.”

Mr Bowles explained that rental stock was likely to decrease as the Government reduced tax relief on buy to let mortgages.

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