Rents Rising At Fastest Rate In 7 Years As Landlords Face Rising Costs

Money Tips Daily by Charles Kelly, former IFA and author of

Average rents and house prices were still rising late last year, according to official data, although experts a property market slowdown in 2023.

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Private rental properties owned by private landlords increased at the highest level since comparable records began seven years ago, figures reveal.

House prices were still rising in the year to November 9but falling month on month), but the Office for National Statistics (ONS) said the pace of growth slowed.

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Private rental prices in the UK rose by 4.2% in the year to December.

Other figures from the ONS showed that property prices increased by 10.3% in the year to November, slowing from 12.4% in October 2022.

· A 10.9% annual increase in England

· A 10.7% rise in Wales

· A 5.5% jump in Scotland and 10.7% growth in Northern Ireland.

England’s prices increased the most in the northwest, up 13.5% over the year, and the slowest in London, a 6.3% increase.

The average UK house price in November was £295,000 - £28,000 higher than a year earlier, a decrease from the previous month's record high of £296,000.

Home buyers have been hit by the rise in mortgage costs as the Bank of England raised base rates during 2022.

The average cost of two-year fixed-rate mortgage has stated to fall since last year’s market turmoil following the mini-budget, but far higher than the start of last year.

The ONS report that hundreds of thousands of UK homeowners face higher mortgage costs when their current fixed-rate deal expires this year.

More than 1.4 million households will be renewing their fixed-rate mortgage in 2023 - 57% of them currently paying an interest rate of less than 2%.

A ‘ fixed-rate renewal peak’ between April and June 2023 will hit 371,000 mortgage holders when their deals expire.

George Osbourne’s buy-to-let tax hike and increased legislation has led to 85,000 private landlords quitting the property rental market in the last 5 years – see https://youtu.be/NME3nEu8dAQ.

Although oil and gas prices have come down in recent months, millions of people are still facing a cost of living and have no savings.

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