UK Rents Soar to Record Highs: Urgent Call for 120,000 New Rental Properties to Tackle Housing Crisis
July 4, 2024Average private rents in Great Britain have reached record highs.
Typical advertised rents outside London are at £1,316 per month, while in London they are at £2,652 per month.
Rent growth has hit 7% outside London and 4% in London.
Landlords are passing on increased costs due to higher interest rates.
Rightmove is urging the next government to create an additional 120,000 rental properties to balance supply and demand.
Scotland is the most affected region by the rent increases.
London has shown some improvement in the rental market.
The housing crisis highlights the need for more affordable housing options for renters.
Some firms report rent decreases despite high demand, emphasizing the urgency for action.
Summary based on 3 sources
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Sources
The Guardian • Jul 2, 2024
Private rents in Great Britain hit record high, data showsGround News • Jul 3, 2024
Private rents in Great Britain hit record high, data showsGround News • Jul 3, 2024
Private rents in Great Britain hit record high, data shows