UK Property Rental Prices Rise Faster Than Ever Since 2016
UK properties are going up - this is the fastest rental rise since 2016.
Rents paid by private tenants in the UK increased by 5.1% in the year to June — the largest increase since official records began in 2016.
According to Bloomberg, "London rents alone jumped by 5.3%, according to the Office for National Statistics, up from 5.1% a month earlier and the highest since September 2012."
It will mean that the property situation will be even more difficult for young people, who, with all their student and maintenance loans, will be rather unable to even think about the potential property buy and, in these circumstances, taking another loan. In other words, young people won't be even able to consider such an option as their financial records won't allow them to either prove their reliability or to get the loan that can be given to them.
Besides, even the monthly payments have continued to rise in 2023. We read in The Big Issue's feature that "the national average asking rent outside London hit a new record of £1,190 per month". According to the statistics, it has now risen for 13 consecutive quarters, the property site said in its most recent quarterly update.
Time will tell how the situation will clarify for younger generations.
Main sources: Bloomberg + The Big Issue
