UK rents soar as high interest rates hit property market – business live

Average monthly rent on a newly-let home in August to 1,304 , less than a year after it hit 1,200 for the first time.

Rents have risen more in the last 12 months than they did between 2015 and 2019 .

The jump in borrowing costs has also made it harder for tenants to buy their own home instead of renting, with average fixed-rate mortgages over 6% ..

More than 36% of properties on the market have had their asking price reduced at least once, compared with the pre-pandemic average of 31.2% .

This led to average price reductions of 6.2% , which was also the highest since January 2011 .

Average rent on a newly-let property has jumped by 12% in the year to August , the fastest since 2014 .