Rental costs in the UK reach record highs
The cost of renting a home in the UK has risen to record levels, with monthly rents increasing by 12% in the year to August. The rise in rental costs is attributed to high mortgage rates, rising demand from tenants, and a shortage of available properties. Legislation banning unjustified evictions is causing some landlords to leave the sector. Rental prices are expected to continue rising, outpacing house prices, due to long-term supply issues and rising landlord costs.