"Despite average earnings rising by 5% compared with last year, the cost of renting was swallowing up 44% of the average wage up from 40% five years ago. Rightmove also said conditions for landlords were challenging. It indicated that last autumn's rise in stamp duty , as well as speculation about more tax changes in next month's budget and the impact of the government's renters' rights bill, may be prompting some buy-to-let landlords to bail out and may be putting off others from investing in the sector."
"The reasons for rising rents in recent years include demand for rental properties outstripping supply, the pandemic and its fallout affecting how people live and work, and buy-to-let landlords passing on increases in their costs caused by higher interest rates, or deciding to sell up. Citizens Advice said this month that its analysis of official spending data and information collected from clients found that private renters along with single parents were particularly likely to be struggling with the cost of living."
Average advertised private rents in Great Britain hit record levels in the third quarter, with typical outside-London rents at £1,385 per month and London rents at £2,736. Affordability is strained as renting consumes about 44% of the average wage despite a 5% rise in earnings year-on-year. Landlords face pressures from higher costs, last autumn's stamp duty rise, speculation about tax changes and the renters' rights bill awaiting royal assent, prompting some to sell or delay investment. Demand continues to outstrip supply, pandemic-driven housing changes persist, and many private renters, especially single parents, struggle financially.
Read at www.theguardian.com
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