High levels of immigration are responsible for a third of the growth in rental prices since the pandemic, a new analysis suggests.
By contrast, the decade up to mid-2021 saw rents go up by 26 per cent compared to a 27 per cent increase in wages - figures from Zoopla show. Andrew Wishart, who runs the housing service at Capital Economics, said rents are 11 per cent higher than would be explained 'by the usual relationship between pay and rent'.
Mr Wishart said the figures suggest an additional 430,000 households were looking for properties in the private rented sector in the two years from mid-2021 to June 2023 - based on the average household size. The Office for National Statistics estimates the UK population will go from 67million in mid-2021 to reach 73.7million by 2036, with 6.1million of that growth down to net migration.Rental inflation is now starting to slow across all major cities, with London seeing the biggest slowdown
Source: Real Estate Daily Report (realestatedailyreport.net)
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