Live updates

Average private sector rents hit high of £789 a month

A buy-to-let index has said that rents in the private sector in England and Wales hit an all-time high of £789 a month on average.

Private sector rents hit an all-time high of £789 a month. Credit: PA

The pedal is pressed to the metal in the rental market. Not only have rents hit a new all-time record high - but we have never seen them rise so quickly.

Growing wage packets and a strengthening economy mean that a greater number of tenants are able to afford higher rents.

With such an overall shortage of housing in the UK, rental costs are primarily driven by the amount tenants are capable of paying.

– Adrian Gill, director of Your Move and Reeds Rains

Estate agents Your Move and Reeds Rains figures revealed rents were hiked 5.6% in June compared with a year earlier, making it the fastest annual increase since the index was compiled in 2009.

Across England and Wales, rents grew by 1.4% month-on-month between May and June according to the study, which is based on rents achieved on around 20,000 properties

Advertisement

Kerslake attacks plans to extend right-to-buy scheme

A former head of the Civil Service, appointed to the House of Lords by the Prime Minister, is set to publicly criticised his controversial plans to extend the right-to-buy scheme to housing association tenants.

In his maiden speech, Lord Kerslake - who was the most senior official at the Department of Communities and Local Government until February - is expected to warn that it will do nothing to address the current housing shortage

He told ITV News' Social Affairs Editor Penny Marshall the policy was "wrong in principle and wrong in practice".

Advertisement

YouTuber reacts to Tory and Labour first time buyer plans

London YouTuber Ellen Richardson doesn't believe that either David Cameron or Ed Miliband's housing pledges will be enough to tackle the housing problem for young people.

Speaking to ITV News, she said the promises outlined by the Conservatives and Labour were "good" but are "drops in the ocean compared to what is actually needed to deal with the housing crisis".

Miliband: Dream of home ownership disappearing for many

Labour leader Ed Miliband said the Prime Minister's plan on housing had "failed Britain and failed families".

Miliband: Dream of home ownership disappearing for many Credit: Rui Vieira/PA Wire

There is no bigger priority for the next Labour government than building homes again in our country.

Because frankly right across the board - it's not just this government, but it is this government - we haven't done enough as a country on housing.

Under this government we are building fewer homes than at any time since the 1920s and record high numbers of families are being forced to rent.

For far too many people the dream of home ownership is disappearing into the distance.

Labour has a better plan to build hundreds of thousands of new homes, ensure that local first time buyers are given priority and get a fairer deal for millions of families that rent.

– Ed Miliband
Load more updates