Recent figures from Dataloft show that Brits under 30 are facing a cost-of-renting crisis with four-in-ten now spending more than 30% of their pay on rent – representing a five-year high.
Rents in the UK have risen by an average of 8.3% over the last 12 months – pushing rents to 15.7% above pre-pandemic levels. July 2020 and July 2022 marked the largest erosion of tenants’ buying power since the launch of Hamptons lettings index in 2013. Rent, on average, has risen 16.2%, or £165 a month.Inner London saw the fastest rental price hike in the UK over the past year as rents climbed 33.6% compared to the same time last year. The rental market applies pressure on young people’s finances which are already strained due to rising living costs and plateauing in income levels.
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