Experts are warning that renting could get even more expensive soon as a result of further increased demand and low supply. Rents are now expected to rise sharply once again in the next few months amid the already crippling cost of living crisis.
“Just as concerning are the insights being provided around the lettings markets. Demand shows no signs of letting up, supply remains constrained and that means rents are likely to continue rising sharply despite the cost-of-living crisis.” Looking at the housing market, 45 percent of property professionals reported new buyer inquiries falling rather than rising.
He added that higher mortgage rates have compounded issues for renters “which means the squeeze on tenants won’t vanish in the short term”. Among those who have given up on a home in the next decade, the cost-of-living crisis was seen as the main barrier to home ownership, house prices were highlighted by more than half as well as higher mortgage rates.