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What has happened? The rent prices in the UK are increasing at the fastest pace since at least 2016, while the average UK house price growth continues to slow.
Dynamics. According to the Office for National Statistics (ONS), private rental tenants in Britain saw a 5.1% increase in the 12 months to June, the largest annual percentage change since records began in January 2016.
Regions. It turned out that in England private rental prices rose by 5.1% in the period, or by 4.9% excluding London, where they rose 5.3%.
The rental rates increased by 5.8% year-on-year in Wales compared to 5.0% in May, the highest annual percentage change since at least 2010. In Scotland, rental rates rose by 5.5% over the same period.
UK average house prices increased by 1.9% in the 12 months to May 2023. This is down from 3.2% in April 2023.
Quote. “Thousands of tenants have become trapped in a pressure cooker of limited supply, high competition for rental homes and rapidly rising rents,” Riccardo Tessaro, co-founder and chief executive of Gravity Co, said.
“Relentlessly rising mortgage interest rates – which have now climbed above those seen following last year’s mini-Budget – are pushing up landlords’ costs and many are passing these costs onto their tenants in the form of rent increases.
Source: Yahoo! News
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