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Cigarettes, cars and uni fees – the only things to outstrip rental growth this Millennium

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Rental price growth has outstripped many of life’s day-to-day costs, like bread, eggs and fuel, research from online letting agent Howsy has revealed. 

The cost of renting a property in England has increased from an average price of £344 in the year 2000 to £858 in 2019, a 150% increase in just shy of 20 years. 

In comparison, the cost of milk has risen by just 29% to 44p per pint over the same time period.

Similarly, eggs per dozen are 42% more expensive, fuel per litre has risen by 59% to £1.27, while McDonald’s Big Macs have risen by 63% to £3.09.

The average price of draught beer per pint has increased by 82% to £3.64.

Bread (per white loaf sliced) has seen a significant price increase of 104% to £1.06, though it’s still less of a hike than with the private rental sector.

Cigarettes and cars outstrip rental growth

While the cost of renting has risen significantly, it’s still been hiked by a lower percentage than cigarettes. A pack of 20 is now 162% more expensive than in 2000, costing £10.23, up from £3.91. 

Buying a brand new car is now 163% more pricey, rising from £12,780 in 2000 in £33,559 in 2019. 

Trumping all these costs is university tuition fees per year, which thanks to government measures are 825% more expensive than in 2000, rising from £1,000 to £9,250. 

Founder and CEO of Howsy, Calum Brannan, commented:  

“It will come as little surprise that rents have risen at a faster rate than many of life’s other essential outgoing costs since the turn of the Millennium.

“This is largely due to the ever-increasing levels of tenant demand within the sector and a stagnant level of homes to accommodate this demand, which has resulted in a substantial hike in the cost of renting.  

As a result, people are now spending a greater proportion of their income on rent when compared to other essentials like food or fuel. If you rent, smoke, went to university and need a car, then you’re really up against it financially.”

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Bah Humbug – Christmas market property cost is at its highest in London

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The latest research by national fast sale estate agent, Springbok Properties, has looked at the cost of buying near the best Christmas markets around Europe and how they differ between city.

Pulling house price data for cities home to 20 of the best Christmas markets around, Springbok Properties found that the property cost of some annual festive cheer is £5,128 per square metre on average. 

This cost is at its highest in London, with property costing an average of £12,976 per sqm to live in the city where famous Christmas markets range from Winter Wonderland to the Southbank Centre Winter Market to name but a few.  

The second highest property cost when looking for a top Christmas market was in Zurich, Switzerland, where buying close to the historic Old Town market, situated in front of the opera house and home to more than 100 stalls will set you back £9,827 per sqm.  

The Village de Noel Christmas market at the Champs-Elysees maybe be world-famous but living nearby will also cost you over £9,000 per sqm, while a place in Munich so you can make the most of the cities famous market at the Marienplatz town hall comes in just under at £8,980 per sqm.  

In fact, most of the cities home to a top-rated Christmas market come with a festive property premium with Stockholm (£7,450), Vienna (£5,560), Copenhagen (£5,355) and Berlin (£5,126) all coming in over £5,000 per square metre when buying a property.  

But there are some more affordable options for mold wine, festive food, and merriment. Riga in Latvia is the most affordable location with an awesome Christmas market with property in the city coming in at just £1,570 per sqm. 

Closer to home, Belfast hosts a famous market at its City Hall with Candy Alley also one of the main festive attractions, all with the cost of buying hitting just £1,900 per sqm.  

Krakow in Poland (£2,179), Tallin in Estonia (£2,260) and Budapest in Hungary (£2,470) are also amongst some of the most affordable Christmas market property purchasing locations.  

Founder and CEO of Springbok Properties, Shepherd Ncube, commented:

“As is often the case with most things, the cost of living close to anything vaguely helpful, exciting or fun is at it’s highest in London and this applies when comparing the best Christmas markets about.

It’s a high price to pay for those in England for some once a year festive cheer and it may well be more cost-effective to look further afield to the likes of Riga and book your flights early for a festive getaway instead.” 

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