In the past year, younger tenants in Britain have seen their rent increase collectively by a staggering 3.5 billion pounds, hitting a new record high due to landlords passing on mortgage costs.
The total rent paid by under-45s has reached an all-time high of 56.2 billion pounds in 2024, reflecting the impact of soaring mortgage costs amid an inflation crisis.
Rent increases peaked in December 2023 at an annual rise of 10.2 percent, with a recent analysis indicating volatility has led to nearly 150,000 more under-45s now renting.
The conclusion of the Help to Buy scheme in March 2023 has left aspiring young homeowners increasingly unable to purchase properties, contributing to the growing number of renters.
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