A distinct lack of property in the UK has led to an increase in the rental market – Loan Advances researched this subject and found that the once stagnant house buy to let market has significantly risen which is now proving valuable for UK property magnates. Many people have now jumped on this gap in the market and returned to the buy to let market as this is now proving more financially viable then the 0.5% interest rates being offered on basic savings accounts nationwide.

Other countries, such as Germany have more people in let properties and some find it hard to understand why the UK is so determined to but their homes; they may in fact have a point as the majority of homeowners in the UK will ultimately lose their homes when it comes to retirement as the Government tries to pay for care costs for the elderly.

So, if you live in London and you want to rent, be prepared to pay inflated costs. If rent is difficult to find, payday loans or other unsecured loans may be relied upon to meet the costs and this is not an ideal situation. An alternative would be to look for work and living outside of the big smoke – property rental costs really are cheaper the further away from the city you live, and indeed, some would argue, the standard of living is also better.