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The latest data from official sources has shown that rental rates in the UK have hit an all-time high.
According to the Office of National Statistics, the average rental price in the UK increased by 6.2% in the year leading up to December 2023, making it the highest recorded increase in rent prices.
This remained the same as the yearly rate of change in the 12 months leading up to November 2023, and it is tied for the highest yearly rate of change since the UK began keeping records in January 2016.
The recent alarming statistics reveal that a large number of individuals in the UK have postponed significant life choices, such as having children, due to concerns about housing stability.
According to a recent poll conducted by Hyde Group, approximately 14.1 million individuals in England, which accounts for a quarter of the population, have put their lives on hold due to unstable housing situations. This number increases to over two-fifths among adults under the age of 35.
The Indepedent has created an interactive map that displays the yearly fluctuations in private rental prices from December 2022 to December 2023. The map uses lighter shades to indicate regions in the UK with minimal price changes and darker shades for areas with significant rent increases.
The cost of renting in Scotland rose by 6.3% between December 2022 and December 2023, marking the largest yearly increase since record-keeping began in January 2012.
In December 2023, there was a 6.1 per cent increase in private rental prices in England, which remained consistent with the previous month’s annual percentage change.
Excluding London, private rental prices in England showed a 5.7% increase in the 12 months leading up to December 2023. According to the ONS, these figures represent the highest annual percentage changes since records began in January 2006.
The cost of renting a private property in London rose by 6.8% in the 12 months leading to December 2023, a slight decrease from the previous year’s record high increase of 6.9% in the 12 months leading to November 2023.
The average cost of renting in Wales increased by 7.1% in the period of December 2023 compared to the previous year. This is a slight decrease from the previous record high of 7.3% in the 12 months leading up to November 2023.
The cost of renting privately in Northern Ireland rose by 9.3% in the year leading up to October 2023. The yearly growth rate in Northern Ireland has decreased from a high of 10.0% in the year ending March 2023.
Sam Richards, a previous consultant for Downing Street and creator of the pro-growth organization Britain Remade, expressed that the cost of rent, particularly in London, is beyond reasonable levels.
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“It’s surprising that the amount of rent for a one-bedroom apartment in the capital could cover the cost of a three-bedroom house in the rest of England.”
The best solution to this issue is to modernize our planning system in order to begin construction and increase the number of homes being built.
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This will not only give young individuals the opportunity to achieve their goal of owning a home, but it will also play a crucial role in increasing productivity and creating jobs within our major urban areas.
“Without constructing the necessary number of homes in Britain, countless individuals across the country will continue to be unable to achieve the goal of owning a home. Meanwhile, renters will be forced to endure continuously rising and unaffordable rental prices.”
The Savanta-conducted Hyde Group survey gathered responses from 2,226 individuals from December 1 to 14.
Source: independent.co.uk
