Number of under-45s renting surges by fastest rate in a decade as mortgage costs price out younger buyers, Hamptons research finds
Rents for young people rise by £3.5bn to record high as landlords pass on mortgage costs, analysis finds
Younger tenants in Britain have seen their rents rise by a collective £3.5bn to hit a record high in the past year as landlords pass on their mortgage costs, new analysis suggests.
Under-45s are now paying 66 per cent of all rent in Britain, amounting to a record £56.2bn in 2024, according to Hamptons estate agents.
Mortgage costs soared as the Bank of England pushed interest rates to a record high in response to the inflation crisis, causing rent increases to peak in December 2023, with an annual rise of 10.2 per cent, the analysis found, before falling back to 2 per cent.
Rents for young people rise by £3.5bn to record high as landlords pass on mortgage costs, analysis finds