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First time buyers look to get on the property ladder as rental prices sky rocket.

The cost of renting has risen astronomically in the last few years and there seems to be no sign of this fuelled increase in rental prices abating. With Your Move and Reeds Rain announcing that residential rental prices have grown a massive 4.6% in the last year alone, this signifies the fastest rate of growth since November 2010. The average rental in England and Wales is now £774 and in London it stands at £1,204. The East of England saw a 12.5% rise, an even larger increase than London at 7.8%, this was calculated over the last 12 months alone, giving cause for concern over further escalations in future months. This huge swell in prices has been put down to the upsurge in economic growth leading to increased employment, population growth and the housing shortage.

However it isn’t all doom and gloom; the Government has pledged to build a further 200,000 starter homes,...

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