Britain’s housing crisis worsens as rental costs hit fresh record highs
BRITAIN’S housing crisis is becoming more urgent as rental costs have hit fresh record highs.
Tenants outside of London are charged an average £1,314 a month, seven per cent more than the £1,231 of last year.
It means renters must find £83 extra a month, or £996 more a year for housing than in 2023, according to the figures from Rightmove.
In the capital, rents have kept rising to a record £2,661, four per cent more than the £2,567 of a year ago.
Rightmove found the pace of rent hikes is slowing, but there is still a big gap between available rental properties and demand.
Each rental property has 17 would-be tenants, while the number of available homes to rent is 20 per cent lower than 2019.
Rightmove’s Tim Bannister said: “The market remains difficult for tenants.”
There are also more people renting after soaring mortgage rates priced them out of owning their own home.
Stuart Haire, Skipton Building Society boss, said the picture was “bleak, especially for first-time buyers”.