Rightmove has reported that the average UK residential property rent increased by 9.7% outside London, 16% in Greater London and nearly 17% in central London in 2022.
Reasons for Rental Increases
These have all clearly hit landlords hard following the tough lockdown and furlough period with tenants allowed to reduce rental payments/have rental holidays or move into arrears with no fear of eviction. Landlords had to bear those costs with no recompense or compensation.
On the positive side, by the end of 2024 most tenanted properties in England will be safer than privately owned homes and be better insulated. That said, one of the lowest hanging fruits for more taxation has been landlords for several years now and the government is intent on taxing landlord’s more without regard for some of those costs now ultimately being passed on to tenants.