At the moment it seems like the news is filled with doom and gloom about first time buyers not being able to afford the huge deposits needed to buy a house. However, it’s not just people looking to buy who are having problems as the average deposit for renting has risen.

Over the last year, the amount needed to rent a home has increased by £125, meaning it’s even harder now to get a foot on the ladder. The average deposit is now around £1110, with tenants in London having to shell out a whopping £1495.

High Renting Deposits

Not only are deposits increasing, but new figures have shown that an average monthly rent is as much as £720 per month. This means that so many tenants are really struggling to meet payments. Experts have said that many banks will be heading for the wealthy investors who will be buying properties to let as most people won’t be able to afford to rent.

Are you looking to rent, but can’t afford the hefty deposits needed to secure a property? Have you considered looking into short term loans low interest? With amounts from £75 all the way up to £1200, it’s possible to borrow that extra bit of money to cover your deposits. You then pay it back on the agreed date (which is usually your next pay day). Although doing this isn’t the most economical option for everyone, you may find that it’s a quick and easy way to ensure you get your foot on the property ladder. The whole process is completely online, meaning that everything is quick and simple and you can do it from your home or at work. Why not start your loan application and get a quick payday loan today?