The average rent in the UK experienced a sharp uptick, soaring by 9% in the 12 months leading up to February this year, marking the most substantial annual rise since record-keeping
commenced in 2015.
According to the Office for National Statistics (ONS), rent prices surged across all regions of the country. London witnessed the most significant spike, with a staggering 10.6% increase, propelling the average monthly rent in the capital to £2,035.
The government has acknowledged the pressing need for action, emphasizing the importance of fairness for both tenants and landlords. It points to the forthcoming Renters (Reform) Bill as a crucial step toward achieving this balance.
Rent hikes were pervasive across the UK, with average monthly increases ranging from 8.8% in England to 10.9% in Scotland and 9% in Wales. This translated to additional monthly expenses of £104, £93, or £60 for tenants in each respective country.
However, data for Northern Ireland remains slightly outdated, with figures available only up to the end of last year. Nonetheless, the ONS reported a notable 9.3% increase in rent prices for the year leading up to December 2023 in the region.
Even before the latest inflation figures were released, London had already clinched the title of the UK's priciest rental market. Beyond the capital, Bristol emerged as the most expensive city to rent privately in England, commanding an average monthly rent of £1,734.
While rent prices have steadily climbed since 2015, a noticeable spike has occurred since 2022, prompting speculation about the underlying causes. Research suggests that landlords are adjusting their prices in response to rising operational costs associated with rental properties.
Moreover, a survey of nearly 1,000 landlords conducted last year revealed that over half were striving to align their rental rates with prevailing market trends.
Ben Beadle, representing the National Residential Landlords Association, attributed the surge in rents to the persistent shortage of properties to meet growing demand. He called for governmental intervention, urging the implementation of growth tax measures to incentivize the development of quality rental housing.
In response, a spokesperson for the Department for Levelling Up, Housing and Communities underscored the government's commitment to addressing the affordability challenges faced by tenants. They highlighted the Renters (Reform) Bill as a pivotal initiative aimed at fostering a fairer rental market.
The proposed bill, initially introduced in May last year, seeks to ban no-fault evictions, offering tenants greater security in their housing arrangements. However, its passage through the House of Commons has encountered delays, prompting concerns about the adequacy of renter protections.
Gill, a 63-year-old renter from Surrey, shared her personal ordeal, recounting multiple eviction notices issued by her landlord, citing financial motives. Gill's plight underscores the urgency of enacting robust renter protections to safeguard vulnerable tenants.
Echoing these sentiments, housing charity Shelter's chief executive, Polly Neate, emphasized the urgency of addressing the crisis in private renting. She called for swift legislative action to ban no-fault evictions, thereby providing struggling families with much-needed stability in their housing arrangements.