Rent prices in the UK have hit record highs, with London renters facing an average monthly rent of £2,035, marking the most significant year-on-year increase since 2015. The surge is attributed to a shortage of rental properties, affecting both urban and rural areas and sparking calls for legislative action to improve rental affordability and availability.
In the UK, rent prices have escalated significantly, with a reported 9% increase over the past year, marking the highest rise since records began in 2015. The Office for National Statistics (ONS) indicated that this surge is most pronounced in London, where renters now face an average monthly rent of £2,035, a 10.6% increase. This trend extends across the UK, with England experiencing an 8.8% increase, Scotland a 10.9% rise, and Wales a 9% climb in average monthly rent.
The National Residential Landlords Association attributes this price hike to a shortage of rental properties, calling for actions to ensure the availability of quality rental homes. In response, the government has proposed the Renters (Reform) Bill, aiming to offer a fairer deal for tenants and landlords. However, the bill’s progress has been slow, facing delays and potential amendments that might dilute renter protections in England.
Shelter, the housing charity, has emphasised the need for such a bill to eliminate no-fault evictions, highlighting the issue of rental affordability.
Meanwhile, an analysis by the countryside charity CPRE has spotlighted a growing concern in rural England, where middle earners like nurses, teachers, and emergency workers are struggling to afford local rents. In 15 rural local authorities, average rents for a two-bedroom property consume more than half of the median take-home pay, with Sevenoaks identified as the most affected area. CPRE’s findings reveal a pressing rural housing affordability crisis, urging the government to act to prevent the displacement of key community members in these areas.
These developments signal a challenging time for renters across the UK, from urban centres like London to rural localities, with calls for legislative and policy measures to address the affordability and availability of rental housing.