Private rents go up again

The cost of private renting in all countries of the UK rose for the 11^th consecutive month in the year to March 2023, figures from the Office for National Statistics show.

The amount tenants were paying was up 4.9% on the same time last year across the UK.

In England, private rent rose 4.6%. It was up 4.4% in Wales. And Scotland saw the highest growth at 5.1%. These are the biggest annual changes since January 2006 in England, January 2010 in Wales, and January 2012 in Scotland.

The impact of rising rents and increases in the cost of living generally are clearly having a significant effect on people’s finances. Nearly 4 in 10 (39%) of people responsible for covering the cost of rent or a mortgage said their payments had gone up in the past six months. And over a third (36%) of those questioned said they’re struggling to afford their payments.

If you’re struggling

If you’re among the many people struggling to pay their rent or mortgage, you may want to get advice from Shelter.  They can provide information on dealing with rent arrears, as well as missed mortgage payments and repossession.

You might also want to check out our blog on how to manage rising rents and mortgage interest rates. Or, if you’d like advice on money worries, get in touch. We can provide budgeting help, check you’re claiming all the financial support you’re entitled to, and much more.