Rents are still rising faster than earnings in England,
according to figures from the ONS. In the year to March 2016, private rents
grew 2.8% on average, well ahead of the 1.8% growth in weekly earnings. A
housing shortage is pushing up rents. Housebuilding is running well below the
estimated 200,000 new homes needed a year. Government statistics show there
were just 142,890 housing completions in 2015, though this was a 21% annual
increase. Landlord groups warn that tax hikes on the buy-to-let sector as well
as a 3% extra levy on stamp duty, will result in a smaller supply of rental
housing — forcing rents higher. But the Treasury says it is levelling the
market's playing field for struggling first-time buyers. Read more on the
International Business Times website.
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