Renters face more pain as costs surge to record high ...Middle East

The latest increase topped October’s rise of 8.7 per cent and nudges close to record-high annual rise of 9.2 per cent recorded in March 2024. London’s tenants were hit hardest, with a rise of 11.6 per cent in the 12 months to November.

Within England, rental price inflation was highest in London (11.6 per cent) and lowest in Yorkshire and the Humber (5.7 per cent) over the period.

In Scotland, average rent for Scotland was £980 last month, a rise of 6.5 per cent (£59) from a year earlier. This annual rise was lower than in the 12 months to October 2024 (6.6 per cent).

Aimee North, ONS head of housing market Indices, said: “Rental prices climbed again in the year to November with the average private rent in Great Britain now around £1,300 per month. Average rent increases continue to be highest in London while annual rent inflation reached a record high for England.”

“Ultimately the sector is about to undergo one of the biggest evolutions in over thirty years with a raft of new legislation proposed that will fundamentally alter the viability for some landlords to even operate.

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“It is crucial there is sensible support in situ that encourages long term investment in rental properties and that both tenants and landlords are treated with equal fairness to keep a objective oversight on a system that is increasing coming under additional pressure to keep pace with ever increasing demand.”

The annual growth rate accelerated from 2.8 per cent in the year to September. Across the UK, the average house price in October was £292,000.

House prices are set to grow by up to 3 per cent next year as property remains in short supply across much of the country and new homebuilding has been weak, mortgage lender Halifax predicted.

“Higher mortgage rates compared to a few years ago may have made some homeowners hesitant to sell, to avoid triggering an immediate increase in their monthly mortgage cost when they move,” she added.

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