Rent in the UK has increased by 9% in the year leading up to February, marking the highest annual increase since records began in 2015, according to the Office for National Statistics (ONS). The increase was seen in all regions across the country, ranging from 8.8% in England to 10.9% in Scotland. Tenants paid an extra £104, £93, or £60 per month, respectively, across England, Scotland, and Wales. Renters in London saw the greatest price rises, at 10.6%, bringing the average monthly rent to £2,035.
The data revealed that Bristol was the most expensive city to privately rent in outside of London, costing an average of £1,734 per month. Northern Ireland’s data lags behind that of the rest of the UK and reports a 9.3% increase in rent prices for the year leading up to December 2023.
Reasons cited for the rise in rent prices included increased costs to maintain rental properties and the desire of local landlords to align with local market rents. Ben Beadle of the National Residential Landlords Association referred to the “chronic shortage of properties to meet demand” as responsible for the rent hikes. A government spokesperson stated that the Renters (Reform) Bill would help to deliver a “fairer deal” to tenants and landlords.
The Renters (Reform) Bill, introduced in May 2020, aims to stop no-fault evictions before the next general election. Despite not having passed through the House of Commons, last month draft amendments were sighted, indicating that ministers may be looking to water down existing protections for renters in England. The bill would increase “security in their homes and empower them to challenge poor practices,” according to the government. Housing charity Shelter has urged the government to pass the Renters (Reform) Bill to “help struggling families keep hold of their homes.
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