Private rents in the UK are rising at the fastest rate in five years, ratcheting up the cost of living burden on millions of households.
The average cost of renting for UK tenants rose by 2% in 2021 – the largest annual increase since 2017, figures from the Office for National Statistics show. Soaring rental prices, coupled with inflation hitting 5.5% in January, will pile further pressure on the government to increase support for vulnerable families.
The east Midlands had the biggest increase in average rental prices, with tenants paying 3.6% more than a year earlier, while London had the smallest, 0.1%, as demand for city flats dwindled during lockdown and people favoured working remotely outside the capital.
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