“The government can and must act urgently.”
The government is being urged to act urgently to cap the cost of rents, following new research that shows tenants in Britain are now paying an average of £417 more per month compared to five years ago, a 44 percent increase that far outpaces wage growth.
Outside London, average monthly rents have climbed to £1,365, marking a 3.9 percent rise from this time last year. In the capital, rents have hit a record high of £2,712 per month. According to data from Rightmove, advertised rents for new tenancies in London have increased by 1.9 percent annually.
Ben Twomey, chief executive of Generation Rent, which advocates for tenants’ rights, warned that soaring rents are pushing people to the brink:
“Landlords often blame rising rents on demand being higher than the number of homes available, but it is now clear that high rents are here to stay, even as the number of renters looking for homes is falling.
“When so much of our income is swallowed up by landlords, it can mean that we can’t afford to heat our homes for the winter or feed ourselves properly.
“Some renters are staring down the barrel of debt and homelessness.
“The government can and must act urgently. We rightly have caps on essentials like energy and water bills, but we desperately need the same protection from the soaring rents that are pricing us out of our homes.”
Richard Lane, chief client officer at StepChange Debt Charity, shared similar concerns, noting how renters are disproportionately affected by financial strain:
“The majority of our clients struggling with debt are renters, with a third in the PRS (private rented sector). Our data shows that among StepChange clients, housing costs take up 37% of private renters’ incomes on average – compared to 29% among social renters and 27% among mortgage holders.
“When so much of your income goes on rent, it’s no wonder private renters are more exposed to debt and financial hardship.”
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