Cost to rent a home jumps largest-ever amount in past year, says statistics body
The cost to rent a home has increased by the largest-ever amount over the past 12-months, according to the latest figures from the national statistics body.
Average rental prices paid by tenants in the UK has jumped by 2.8 per cent in the year to May, the Office for National Statistics revealed this morning, marking the largest price increase since its records began in January 2016.
It comes as a cost of living crisis sweeps the UK, with inflation hitting 9.1 per cent this morning. Analysts expect inflation to continue to spiral, hitting double digits by the end of this year.
In London, private rental prices have swelled by 1.5 per cent in the 12 months to May 2022, up from an increase of 1.1 per cent in April 2022.
Reports of landlords hiking rent prices ahead of energy bills soaring again this winter have climbed in recent weeks, as the rental market in the capital becomes increasingly squeezed over a lack of stock.
Rental growth in London is at the highest since July 2017, though remains behind the rest of the country.
The average monthly rent in England, between April 2021 and March this year, also hit the highest ever recorded at £795.
While London, already renowned for its high rents, recorded an average £1,450 monthly cost – nearly double the average of the rest of England.