Tenants in Britain ‘hit by highest increase in rent for a decade’ last month

Submitted ⁨⁨11⁩ ⁨months⁩ ago⁩ by ⁨GreyShuck@feddit.uk⁩ to ⁨unitedkingdom@feddit.uk⁩

https://www.theguardian.com/money/2023/dec/11/tenants-in-britain-hit-by-highest-increase-in-rent-for-a-decade-last-month

Tenants in Britain last month were hit by the highest increase in rents for any November in at least a decade.

Rents on new tenancies rose 10.2% year-on-year, according to the estate agent Hamptons, which is the strongest growth recorded in any November since its records began in 2014.

This increase means people paid a record £85bn in rent this year, Hamptons estimates.

Its latest monthly lettings index shows that the total rent bill has doubled since 2010, when tenants stumped up just over £40bn, as high house prices and mortgage costs made it harder for younger adults to buy a home.

The increase over the last 13 years is driven by a 25% increase in the number of households renting, as well as the rise in rents, Hamptons says.

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NightAuthor@lemmy.world ⁨11⁩ ⁨months⁩ ago
“Strongest growth” lol, get fucked rentoids.

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SonnyVabitch@lemmy.world ⁨11⁩ ⁨months⁩ ago
Some of it is not greed, but trickle down trussonomics.

Many landlords have found themselves with a massive increase of mortgage payments since last year when the but-to-let interest rates jumped from 1-2% to 5-6% and beyond. Many of those mortgages are still on the lower rate, but will have to move to a higher rate in the next 3-4 years. Brace, brace.

We could send them tiny violins and tell them to suck it up as investments can go down as well as up, but the reality is what we see in the article above. Hand on heart, how many of us would pay through our noses if we could get someone else to do it for us?

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blackfire@lemmy.world ⁨11⁩ ⁨months⁩ ago
Mine rose 200, its not possible to keep up this “growth” its going to destroy the rental market. As the housing market prices are already insane people are just going to move away from any town and city.

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autotldr@lemmings.world [bot] ⁨11⁩ ⁨months⁩ ago
This is the best summary I could come up with:

Its latest monthly lettings index shows that the total rent bill has doubled since 2010, when tenants stumped up just over £40bn, as high house prices and mortgage costs made it harder for younger adults to buy a home.

They rose slowest in the south-west of England, increasing by 5.1% to £1,162 a month on average for a newly rented home.

“Tenants across Great Britain paid a record £85.6bn in rent in 2023, equivalent to the total value of all homes sold in London last year,” said Aneisha Beveridge, the head of research at Hamptons.

Higher interest rates mean more millennials are renting for longer, rather than moving on to the housing ladder.

Rightmove reported on Monday that the average asking price of a home coming to market fell by 1.9%, or nearly £7,000, in December to £355,177.

A shortage of rental properties has also pushed up prices, as tenants have competed for fewer available homes to rent.

The original article contains 475 words, the summary contains 158 words. Saved 67%. I’m a bot and I’m open source!

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