Everyone knows that saving for a deposit to get onto the
property ladder is an insurmountable challenge for many, but private renters
are also stung by having to fork out huge amounts of cash at the outset. Would-be renters have a number of costs to
take into account before they can think about getting the keys, including up to
two months’ rent as a deposit, the first month’s rent in advance, as well as
letting fees imposed by the agent. With UK rents now averaging around £1,196,
according to research from Landbay, this means that some tenants could be
forced to stump up as much as £3,588 in advance to secure the property, plus
letting agency fees of an average £200-300 per tenant. Read more on the
buyassociation website.
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