"We have moved from a red-hot market over the last couple of years, to one which is still hot, but cooling," said Richard Donnell, executive director at Zoopla. Despite the slowdown, renting is still 20% more expensive than a couple of years ago, resulting in tenants feeling isolated and overwhelmed as they struggle to keep up with rising costs.
The 5.7% increase in UK rents in the year to the end of June was the slowest rise recorded since September 2021, indicating that while the renting market is cooling, affordability remains a significant concern for many.
It's hard to stay motivated at work when it feels like all of the hard work that you do is just to keep your head above water," said Mike Buller, illustrating the emotional toll that rising rents are taking on tenants.
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