Rental prices set to soar by 2022

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Rent prices are set to rise by more than half by 2022, the National Housing Federation has warned.

According to statistics released by the federation, average monthly rent in Oxfordshire will rise from £934 to £1,447 while house prices in the south east will increase by 61%, the steepest rise nationwide.

This news comes just months after partner at Thame-based Parkers Estate Agents in Cornmarket, Julian Mills, said Thame was losing its young people to Aylesbury, where cheaper rental options are available.

He also said the firm has seen almost all its first-time buyers vanish and has been forced to take the 
lettings route as a result, in order to move with the times.

Mr Mills added he was unsure how the future would pan out for the lettings business in the future, due to the price rises which on the horizon.

He said: “The rental market is booming at the moment. But in the last 12 months the price of lettings has probably gone up by around 5%, and by around 10% over the past two years.

“We’re finding landlords are pushing rents up. It’s supply and demand.

“It’ll be interesting to see what happens over the next couple of years.”

Prior to this, the National Housing Federation released figures which showed average house prices had gone up in the county by 76% over a 10-year period.

This means housing prices in the county have risen by 63% more than incomes.