Tenants are almost twice as likely to report rising costs as homeowners: ONS – Mortgage Strategy

National statistics show that renters’ housing costs have increased almost twice as much as their mortgage holders in the past six months.

Watchdog numbers say 39% of tenants are more likely to complain about the rise in rents, while 22% of mortgage holders report higher home loan payments.

It added that in the department’s latest public opinion and social trend survey, 41% of renters are more likely to be “very or somewhat difficult” than 26% of mortgage holders.

Additionally, 43% of renters are more likely to report “unable to afford” £850 surprise expenditure, while mortgage holders have a 20% fee.

Official data showed Wednesday showed that the data was after a second straight month of easing to 2.6%, well below the 11% inflation peak in 2022.

However, as of March, average rents in the UK increased by 7.7 per cent to £1,332.

The annual growth rate fell from 8.1% that year to February, but it was still triple the title inflation.

A wide range of tenant rights bills are underway through parliament, which recommends increasing rents to once a year and prohibits Section 21 No-fault evictions.

Rental Generation CEO Ben Twomey said: “Renters across the UK are facing rents that are eating up our income.

“The effect ripples for the rest of our lives when we are forced to spend too much income on rent.

“For our energy and water bills, the price cap is correct, but nothing can stop the landlord from suddenly hiking someone’s house costs.

“Thankfully, the government can and must act on this, limiting restrictions on landlords that can raise rents, which helps hit the brakes with expensive rents.”

By comparison, mortgage holders have seen a third of the base interest rate drop to 4.5% since August.

However, according to UK finance, about 1.8 million mortgage holders will refinance their home loans this year, which will allow many people to earn higher rates than the market in the past three to five years.