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.
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.
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