Rents soar over 10 years by up to 72%

Rents soar over 10 years by up to 72%

0:02 AM, 30th January 2025, About 16 hours ago 3

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The rise in rents across England and Wales over the past decade shows that the most dramatic increase was for tenants in Salford, research reveals.

The findings from Tlyfe, a tenant app launched by OpenBrix, highlights that Salford’s rents grew by 72.4%.

The study, based on government data, shows average rents in England have climbed 44.4%, and are now £1,369.

Wales experienced similar growth at 43.9%, though rents remain lower at £777.

‘Renting has only gone one way’

Adam Pigott, the chief executive of OpenBrix, said: “The cost of renting has only gone one way over the last decade – and that’s up.

“Such is the consistent and overwhelming demand for rental properties that we find ourselves facing a severe crisis across the sector and one of the key factors causing this crisis is a lack of available homes to meet demand.

“Unfortunately, it doesn’t look as though this market imbalance is set to be addressed anytime soon and, if anything, we’ve seen more landlords exit the sector due to consistent legislative changes implemented by the government.”

He added: “It’s the nation’s renters who are left to face the consequences and, for many, the cost of residing within the private rental sector is simply too high, whilst those who are able to stomach it are severely hindered from saving and making the jump to homeownership.”

London’s rent rise

While London’s rent rise is notable at 40.9%, the East Midlands tops regional increases at 51.8%, followed closely by the East of England at 50.4%.

The North East saw the smallest jump at 33%.

Leicester follows Salford with a 70.7% increase, with Folkestone and Hythe, South Gloucestershire and Thanet also seeing substantial rises.

Bristol, Manchester, Ipswich, Tameside and Stevenage round out the top 10.

Every area saw rents increase

Within London, tenants in Brent saw the highest increase at 58.4%, placing it 25th nationally.

Even Hartlepool, with the lowest increase, saw a 14.3% rise.

Tylfe says that Every area in England and Wales experienced some degree of rent price growth.


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Cider Drinker

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10:14 AM, 30th January 2025, About 5 hours ago

My mortgage costs soared by 580% over the same period (0.99% to 5.74% on my tracker).

Many landlords saw small profits from BTL turn to losses thanks to Section 24.

Some saw Selective Licensing add £20 per month to rents.

EPC, EICR and other costs imposed by government have forced rents higher. Watch this space for more of the same.

Inflation would also account for more than half of the rent increase.

National minimum wage has almost doubled over the same period. Nobody is bleating about that.

Tenants are living in more highly regulated, warmer and safer homes than they were ten years ago.

Northernpleb

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11:32 AM, 30th January 2025, About 4 hours ago

Landlords Cost have soared by 3 to 4 times more than that . And Labour is keen to heap more costs and regulations on us

NewYorkie

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12:54 PM, 30th January 2025, About 3 hours ago

Inflation since 2014 is 43%. Therefore, average rents have only kept pace with inflation. Of course, many landlords didn't increase their rents during that time... where are the articles about all those lucky tenants who've had extra money in their pockets, courtesy of their generous landlords?

In addition, landlords have seen massive above inflation increases in their costs over the past 5 years, plus extra taxes and regulatory burdens, which explains why so many are exiting the sector.

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