Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The research from the Resolution Foundation indicates that renters in the UK are using nearly four times the portion of their earnings for housing compared to homeowners. On average, renters allocate around 34% of their income towards rent, whereas mortgage holders only spend 9%. Despite concerns about quality and security, private renting continues to be the costliest housing option among different tenures, as stated by Cara Pacitti, a senior economist at the think tank.
Over the last two decades, the average amount of living space per renter has decreased by 20%. Additionally, during the period of 2021-22, nearly 25% of privately rented homes did not meet the Decent Homes Standard, presenting substantial obstacles to the living conditions of renters. Shelter, a homelessness charity, is assisting renters who are experiencing significant rent increases, some as high as 50%, as reported by The Independent.
The sharp rises are often attributed to a shortage of new housing construction, compounded by landlords citing increased taxes due to policies such as the removal of mortgage tax relief. These factors compel landlords to raise rents to generate profit or cover costs. The escalation In mortgage and energy expenses is also likely to impact tenants through increased rent charges.
According to the ONS, individuals who rent are nearly five times more prone to facing financial difficulties compared to those who outright own their homes. By May 2023, roughly 40% of renters expressed challenges in affording their rent, with nearly half of renters and mortgage holders acknowledging recent payment increases within six months.
The Office for National Statistics reported a 4.8% annual increase in private rental prices for UK tenants leading up to February 2023. Despite a form of rent controls, Scotland experienced the highest rises at 5.2%, compared to 4.7% in England and 4.8% in Wales. Outside of London, Rightmove observed an almost 10% surge in asking rents during 2022.
According to Rightmove, average requested rents in London have exceeded £2,500 monthly for the first time. Zoopla observed a 10.4% surge in rents for newly leased properties in the year until June 2023. This marks the 15th consecutive month with double-digit rental inflation, albeit a slight decrease from the 12.3% peak in mid-2022. This translates to an average annual rise of £2,820 in rental expenses for tenants over the last five years. The rise in rental costs is not restricted to the private rental sector; tenants in social housing experienced a 7% increase in rents by April 2023.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy