Rents rise by 8.7% – but one area sees a 30% increase

Rents rise by 8.7% – but one area sees a 30% increase

0:01 AM, 27th November 2024, About 6 days ago 3

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Rents across Britain have surged over the past year by 8.7%, with some areas experiencing staggering increases – including one area that saw a jaw-dropping 30.1% rent hike.

The research from Zero Deposit, the tenancy deposit alternative, reveals that London saw the most significant jump at 10.4%.

Yorkshire and the Humber recorded the smallest increase at 5.8%.

‘Higher level of tenant demand’

The firm’s chief executive, Sam Reynolds, said: “Rents have continued to climb over the last year, driven by a far higher level of tenant demand than there are homes to satisfy it and, in some areas, the increase in the monthly cost of renting has been substantial, to say the least.

“It’s not just the monthly cost of renting that will prove problematic for many, simply securing a property can be a challenge due to the high initial cost of a traditional tenancy deposit.”

London borough of Brent

However, the picture at a local authority level is stark with the London borough of Brent taking the top spot with a 30.1% rise.

Tenants in Nuneaton and Bedworth in the West Midlands are paying 16.2% more in rent.

Folkestone and Hythe in the South East saw a 15.8% jump, while Harborough and Hinckley and Bosworth in the East Midlands experienced 15.7% and 15.4% increases, respectively.

A staggering 71 local authorities have seen double-digit rent hikes, with only West Lindsey in the East Midlands bucking the trend, experiencing a modest 1.7% decrease.


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Jo Westlake

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10:35 AM, 27th November 2024, About 6 days ago

Social rents rose 7.7% in April under the government rent increase formula.

LHA rose by around 18% in April.

8.7% seems remarkably restrained.

A great many homeowners would have been delighted if their housing costs had only increased by 8.7%. How many saw their mortgage payments more than double? Not to mention price increases on insurance, boiler servicing and general maintenance.

Many PRS landlords faced astronomical cost increases over the last couple of years.

Cider Drinker

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10:52 AM, 27th November 2024, About 6 days ago

I look forward to LHA rates being uplifted (lol).

In my area, LHA rates have risen by <11% since 2020.

Vibha Spal

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9:18 AM, 28th November 2024, About 5 days ago

In our area, the rents have gone down and the costs have gone up. My mortgage interest is going up early next year from 1.79% to 4.44%. The rent advertised for my property is 20% lower than last 2 years. But one agent keeps saying to lower the rent and found tenants who wish to stay for 2 years on a lot lower rent, so it comes to 35% lower than the previous years. I have just completed another refurbishments on that property. The new found tenants do not earn sufficient money as they are working part time and studying masters etc to stay on in this country. There has been a lot of building work in our area with large office buildings converted into student residences with small rooms but inclusive of bills, games rooms etc at a lot higher rents. There is a lot of attraction to stay in student residences, especially the ones nearer to the university.

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