{"id":88229,"date":"2023-11-28T13:18:13","date_gmt":"2023-11-28T13:18:13","guid":{"rendered":"https:\/\/celebritytidings.com\/?p=88229"},"modified":"2023-11-28T13:18:13","modified_gmt":"2023-11-28T13:18:13","slug":"map-reveals-average-uk-rent-is-set-to-soar-as-landlords-hike-prices","status":"publish","type":"post","link":"https:\/\/celebritytidings.com\/world-news\/map-reveals-average-uk-rent-is-set-to-soar-as-landlords-hike-prices\/","title":{"rendered":"Map reveals average UK rent is set to soar as landlords hike prices"},"content":{"rendered":"<h1>How much more can Generation Rent afford? Interactive map shows how much average rent is set to soar in your area by 2028 &#8211; after landlords hike prices by more than a quarter since the start of Covid<\/h1>\n<ul>\n<li><strong>Savills estimates rents will continue to outstrip wage growth for years to come\u00a0<\/strong><\/li>\n<\/ul>\n<p>Rents are set to squeeze Brits&#8217; pockets even more in the next five years, according to new forecasts that predict the rise in costs will continue to outpace wage growth.<\/p>\n<p>Research by estate agents Savills estimates that average rents across the country will have risen by 9.5 per cent by the end of 2023 &#8211; and will rise by an average of more than three per cent a year every year after that up to 2028.<\/p>\n<p>The agency predicts the average monthly rent will have risen 18.1 per cent by the end of 2024 &#8211; with higher than average increases in London and the south.<\/p>\n<p>Up to the end of September, rents have risen by more than a quarter to 26 per cent since March 2020, when the first Covid lockdown began &#8211; and rises will only taper off when prices hit an &#8216;affordability ceiling&#8217;.<\/p>\n<p>At that point, landlords will be hard-pressed to hike prices further &#8211; and rises could be outpaced by wage growth by 2027, bringing about a long-awaited reprieve for those who do not own their own home.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/28\/11\/78318673-12799263-image-a-1_1701169648865.jpg\" height=\"597\" width=\"634\"><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/28\/11\/78318675-12799263-image-a-3_1701171496879.jpg\" height=\"347\" width=\"634\"><\/p>\n<p>Rent will increase by more than a fifth in some regions of the UK before the end of this decade\u00a0<\/p>\n<p>Your browser does not support iframes.<\/p>\n<p>Your browser does not support iframes.<\/p>\n<p>Savills predicts that landlords will continue to sell up as high interest rates wreak havoc on their mortgages &#8211; and that there could be a serious deficit in the number of properties available for the next few years.<\/p>\n<p>Demand for rental properties has also outstripped supply &#8211; with the high interest rates keeping otherwise ready-to-buy renters from taking out mortgages.\u00a0<\/p>\n<h3>READ MORE: Campaigners praise reforms to finally end creation of new leasehold houses in Britain\u00a0<\/h3>\n<p>Emily Williams, director in the Savills residential research team, said: &#8216;Homes to rent continue to be in significant short supply. The end of a series of national lockdowns sparked increased rental demand in mid-2021 that has consistently outstripped supply ever since.\u00a0<\/p>\n<p>&#8216;At the same time, the rising cost of debt has impacted the profitability of many mortgaged landlords. This, together with a changed tax and policy environment, is forcing an increasing number to sell their properties.<\/p>\n<p>&#8216;It\u2019s very difficult to see where an increase in rental supply will come from in the next couple of years.<\/p>\n<p>&#8216;Any significant increase in stock in the sector will be delayed until 2026 and beyond, when interest rates have fallen more substantially.&#8217;<\/p>\n<p>Households are spending more than a third &#8211; 35.3 per cent &#8211; of their income on rent, the agency believes, the highest level in 18 years.<\/p>\n<p>In London, the figure is even higher &#8211; with households spending 42.5 per cent of their income on were they live. Rents in the capital have soared 31 per cent in the last two years alone.<\/p>\n<p>It now expects built-to-let projects to lead the way in creating a new supply of private rental properties.<\/p>\n<p>The Homelet Rental Index reports that the average UK rent now sits at \u00a31,283 a month &#8211; up 9.56 per cent year-on-year.<\/p>\n<p>Estate agents Zoopla, meanwhile, said in its most recent rental market report in September that the average renter has seen costs rise by \u00a32,800 in the last three years.<\/p>\n<p>The problem is exacerbated in Scotland, where landlords are using a loophole in the Scottish Government&#8217;s rent control scheme to hike rents by an average of 12.7 per cent when they bring new tenants on board.<\/p>\n<p>The scheme protects existing tenancies from having their leases raised by more than three per cent upon renewal.\u00a0<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-12799263\/Generation-Rent-Map-average-rent-Britain-soar-affordability-ceiling-landlords-prices-Covid.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How much more can Generation Rent afford? Interactive map shows how much average rent is set to soar in your area by 2028 &#8211; after landlords hike prices by more than a quarter since the start of Covid Savills estimates rents will continue to outstrip wage growth for years to come\u00a0 Rents are set to squeeze Brits&#8217; pockets even more<\/p>\n","protected":false},"author":2,"featured_media":88228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Map reveals average UK rent is set to soar as landlords hike prices - Celebrity Tidings<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/celebritytidings.com\/world-news\/map-reveals-average-uk-rent-is-set-to-soar-as-landlords-hike-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Map reveals average UK rent is set to soar as landlords hike prices - Celebrity Tidings\" \/>\n<meta property=\"og:description\" content=\"How much more can Generation Rent afford? Interactive map shows how much average rent is set to soar in your area by 2028 &#8211; after landlords hike prices by more than a quarter since the start of Covid Savills estimates rents will continue to outstrip wage growth for years to come\u00a0 Rents are set to squeeze Brits&#8217; pockets even more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/celebritytidings.com\/world-news\/map-reveals-average-uk-rent-is-set-to-soar-as-landlords-hike-prices\/\" \/>\n<meta property=\"og:site_name\" content=\"Celebrity Tidings\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-28T13:18:13+00:00\" \/>\n<meta name=\"author\" content=\"Donna Scheid\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/celebritytidings.com\/wp-content\/uploads\/2023\/11\/Map-reveals-average-UK-rent-is-set-to-soar-as-landlords-hike-prices.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Donna Scheid\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/celebritytidings.com\/world-news\/map-reveals-average-uk-rent-is-set-to-soar-as-landlords-hike-prices\/\",\"url\":\"https:\/\/celebritytidings.com\/world-news\/map-reveals-average-uk-rent-is-set-to-soar-as-landlords-hike-prices\/\",\"name\":\"Map reveals average UK rent is set to soar as landlords hike prices - Celebrity Tidings\",\"isPartOf\":{\"@id\":\"https:\/\/celebritytidings.com\/#website\"},\"datePublished\":\"2023-11-28T13:18:13+00:00\",\"dateModified\":\"2023-11-28T13:18:13+00:00\",\"author\":{\"@id\":\"https:\/\/celebritytidings.com\/#\/schema\/person\/74db1979fe71b5ea01513ec1ce5bc609\"},\"breadcrumb\":{\"@id\":\"https:\/\/celebritytidings.com\/world-news\/map-reveals-average-uk-rent-is-set-to-soar-as-landlords-hike-prices\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/celebritytidings.com\/world-news\/map-reveals-average-uk-rent-is-set-to-soar-as-landlords-hike-prices\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/celebritytidings.com\/world-news\/map-reveals-average-uk-rent-is-set-to-soar-as-landlords-hike-prices\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/celebritytidings.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"World News\",\"item\":\"https:\/\/celebritytidings.com\/category\/world-news\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Map reveals average UK rent is set to soar as landlords hike prices\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/celebritytidings.com\/#website\",\"url\":\"https:\/\/celebritytidings.com\/\",\"name\":\"Celebrity Tidings\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/celebritytidings.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/celebritytidings.com\/#\/schema\/person\/74db1979fe71b5ea01513ec1ce5bc609\",\"name\":\"Donna Scheid\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/celebritytidings.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d7cef2e0d8d634cb49d54f7c48b549a1?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d7cef2e0d8d634cb49d54f7c48b549a1?s=96&d=mm&r=g\",\"caption\":\"Donna Scheid\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Map reveals average UK rent is set to soar as landlords hike prices - Celebrity Tidings","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/celebritytidings.com\/world-news\/map-reveals-average-uk-rent-is-set-to-soar-as-landlords-hike-prices\/","og_locale":"en_US","og_type":"article","og_title":"Map reveals average UK rent is set to soar as landlords hike prices - Celebrity Tidings","og_description":"How much more can Generation Rent afford? 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