The cost of renting has hit its highest level in a decade, with more hikes to come.
On average, rents in the UK are 10.4% higher than they were at this time a year ago, according to data from Zoopla. The property search portal said a “chronic imbalance between supply and demand” was behind the spiralling costs, with those on lower incomes “bearing the brunt”.
Rental inflation has been in double digits for 15 straight months, while it has outpaced wage growth for 21 months.
The typical renter is now paying 28% of their gross salary towards their rent, the highest proportion in a decade. In London, that percentage is up to 40%, but that is less than the peak of 43% in 2015.
