UK rental costs reach record high

31-Aug-2006

According to figures published by the Royal Institution of Chartered Surveyors (Rics), first time buyers may find it increasingly difficult to get on the property ladder; UK rental costs increased over the last three months at their highest rate for eight years.

"Economic prosperity and population migration have increased rental demand, making conditions better for property investors," said Jeremy Leaf, a spokesman for Rics.

"However, first time buyers will find it hard to enter the housing market with higher rents making it difficult to save sufficient sums for a deposit," he added.

The influx of migrant workers from central and eastern Europe is thought to be the cause of the increases, as an estimated 427,000 migrant workers have come to the UK since the recent expansion of the European Union to 25 members.

Established in 1868, Rics is an international standards and membership organisation for individuals and organisations involved in land, property, construction and the environment.

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