First time buyers hoping to buy a property are increasingly dealt a blow with banks and other lenders asking for ever larger deposits. But now it seems the rental marketing could be costing renters increasingly larger sums. in facct, the average deposit required has risen sharply this year alone by an extra £125 in a year putting increasing pressure on younger people who are moving out of their parents homes for the first time.
Tenants are now facing the need of raising an average of around £1110 before they can take possession of the keys to their new property. According to mydeposits which looks after tenancy deposits. Tenants in London are having to find an average deposit of around £1495.
This isn’t stopping the steady increase of perspective tenants though since so many people are finding it difficult to purchase their own homes. With an increased demand from tenants for rental properties, the cost of renting is still set to rise at a steady rate year on year as demand for properties is outstripping supply.
More on this story which was found here: Average rental deposits break £1,000 barrier