UK rent rises at the highest rate seen for years

The rising outgo of renting has again deed its highest level since comparable records began successful 2016, with beardown request from tenants.

With less properties disposable to rent successful galore areas, the mismatch betwixt proviso and request has pushed up costs for galore people.

The figures travel arsenic rising prices continues to compression household budgets.

The inflation rate, which measures however the outgo of surviving changes implicit time, fell to 6.8% successful the twelvemonth to July. Although this was down from 7.9% successful June, it is inactive acold supra the Bank of England's people of 2%.

High request from tenants astatine the aforesaid clip arsenic landlords reducing the fig of disposable properties is 1 of the cardinal reasons down the rent increase.

Competition among renters is truthful aggravated that determination are 20 requests to presumption each disposable property, according to caller figures commissioned by the BBC from spot portal Rightmove, up from six successful pre-pandemic 2019.

The latest data from the Office for National Statistics (ONS) shows UK mean yearly rent increases accelerated to 5.3% from 5.2% the erstwhile month.

There was a 5.5% summation successful rents successful London, which was the lone portion wherever house prices had fallen. This was the sharpest summation successful rent since comparable records began for London successful 2006.

The aforesaid yearly rent emergence was recorded successful the West Midlands arsenic good arsenic Yorkshire and the Humber.

There were adjacent bigger rises for tenants successful Wales, wherever the mean was up 6.5% successful a year, and successful Scotland (up 5.7%). In Northern Ireland, wherever the information is collected somewhat differently, determination was a 9.2% summation successful the twelvemonth to May, though this was little than a erstwhile peak.

Tom Bill, caput of UK residential probe astatine property bureau Knight Frank, said: "The compression connected tenants volition not extremity immoderate clip soon."

He said that determination was much fiscal symptom for tenants arsenic the proviso of rental spot fell and rents rose.

"It is an imbalance compounded by the information landlords present look higher owe rates," helium added.

Official information connected wages and ostentation person led analysts to suggest that determination could beryllium further rises successful the Bank of England's benchmark rate, which would mean ongoing unit connected landlords and homeowners done comparatively precocious owe rates.

Average UK location prices accrued by 1.7% annually, down from a revised 1.8% emergence successful May, the ONS said, arsenic the marketplace cools arsenic a effect of the owe complaint hikes.

Agents accidental determination are immoderate elemental ways to marque it easier to unafraid a rental property, including:

There are much tips here and assistance connected your renting rights here.