Why Are UK Rental Prices Increasing in 2023?
Why Are UK Rental Prices Increasing in 2023? One of the most talked about topics throughout the last year has been the cost of living. Prices everywhere seem to be going up, this includes the price of essentials, luxuries and also, rent. This article is going to focus specifically on the latter. The Office for National Statistics has already confirmed that renters across the UK feel as though they are already aware that the price of rent is increasing, but a lot of people don’t realize just how much by. The rent prices in the UK are currently increasing at one of their fastest paces on record. Throughout the past 12 months, they’ve gone up by 4.9%, which is the quickest since the Office for National Statistics started recording. The reports from across the rental market raise a few eyebrows, with estate agents saying that lease applications are increasing whilst the amount of property available to rent dwindles. Landlords are currently in a position where they can pick and c...