Report: the cost of renting could go up by over 20% in five years

Rents could be set to skyrocket in the next five years as more landlords are choosing to stop renting out their properties, a report has found.

The Royal Institution of Chartered Surveyors (RICS) said there are more tenants than homes available to rent.

It’s believed rents could rise by 20% in five years.

Zoopla, the estate agent website, said it was partly down to tax.

“A number of tax changes, including a reduction in the amount of mortgage interest tax relief that can be claimed from this April, have made it more expensive to be a landlord, causing some to leave the sector,” they said.

It’s also believed more people want to rent rather than buy a home due to the uncertainty caused by Brexit.

“The fact that rents look set to jump is bad news for tenants, especially those who are trying to save to get on to the property ladder,” Zoopla added.

“Those on lower incomes look set to be hit particularly hard by the increases.”

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