According to the latest Homelet report, rent prices have reached record highs in the UK. This news has been met with a mixture of shock and dismay, as many people are struggling to keep up with the increasing cost of living.
The report found that the average rent for a new tenancy in the UK was £903 per month in June 2019, which is a 3.9% increase from the same period last year. This is the highest rent price since Homelet started tracking rental prices in 2009.
The report also found that London has seen the biggest increase in rents, with an average of £1,622 per month. This is a 5.3% increase from the same period last year. The South East and East of England have also seen significant increases in rent prices, with an average of £1,037 and £912 respectively.
The increasing cost of rent is having a significant impact on people’s finances. Many people are struggling to make ends meet and are having to make difficult decisions about how to manage their money. This is especially true for those on low incomes, who may find it difficult to keep up with the rising costs.
The government has taken steps to address the issue of rising rent prices, including introducing a cap on rent increases and providing more support for those on low incomes. However, it remains to be seen whether these measures will be enough to help people cope with the increasing cost of living.
It is clear that rent prices are continuing to rise, and this is having a significant impact on people’s finances. It is important that the government takes further steps to address this issue and ensure that people are able to afford their rent. Otherwise, more and more people will find themselves struggling to make ends meet.