{"id":4281,"date":"2023-01-27T10:45:36","date_gmt":"2023-01-27T10:45:36","guid":{"rendered":"http:\/\/poseidon-gp.com\/property\/?p=4281"},"modified":"2023-01-27T10:45:36","modified_gmt":"2023-01-27T10:45:36","slug":"rents-rising-at-fastest-rate","status":"publish","type":"post","link":"https:\/\/poseidon-gp.com\/property\/rents-rising-at-fastest-rate\/","title":{"rendered":"Rents rising at fastest rate"},"content":{"rendered":"
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Tenants in properties owned by private landlords have faced the highest rise in rent since comparable records began seven years ago, official data shows.<\/b><\/p>\n<\/div>\n<\/div>\n

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Rents rose 4% last year as landlords, who face their own squeeze from higher mortgage rates, passed on those costs.<\/p>\n<\/div>\n<\/div>\n

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A quarter of tenants surveyed in December said their rent had risen in the past six months, the Office for National Statistics (ONS) said.<\/p>\n<\/div>\n<\/div>\n

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Renters proportionally spend more on housing costs than owners do. On average, they pay 24% of their weekly expenditure on housing compared with 16% by those with a mortgage, the ONS said, based on the latest figures from 2021.<\/p>\n

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There has been a steep rise in mortgage costs in 2022, driven in part by the doomed mini-budget during the premiership of Liz Truss. Rates surged as the markets reacted unfavourably to promises of tax cuts without an explanation of how they would be funded.<\/p>\n<\/div>\n<\/div>\n

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The average cost of a new, two-year fixed-rate mortgage has fallen slowly since markets stabilised, but is still much higher than it was last year at 5.78%.<\/p>\n<\/div>\n<\/div>\n

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The ONS points out that many thousands of homeowners face sharply higher mortgage costs when their current fixed-rate deal expires.<\/p>\n

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The ONS said that more than 1.4 million households would be renewing their fixed-rate mortgage this year, with 57% of them currently paying an interest rate of less than 2%. This renewal peak will come between April and June when 371,000 deals expire.<\/p>\n<\/div>\n<\/div>\n

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Should the interest rate on a \u00a3100,000 capital and repayment mortgage, borrowed over 25 years, increase from 2% to 6%, then the monthly repayment would jump by \u00a3220, the ONS said.<\/p>\n<\/div>\n<\/div>\n

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The same increase on a \u00a3300,000 mortgage would see monthly repayments rise by \u00a3661. The impact of higher mortgage rates is not only hitting those who are re-mortgaging, but also the prospects of first-time buyers.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Tenants in properties owned by private landlords have faced the highest rise in rent since comparable records began seven years ago, official data shows. Rents rose 4% last year as landlords, who face their own squeeze from higher mortgage rates, passed on those costs. A quarter of tenants surveyed in December said their rent had […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4281","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9PjAq-173","_links":{"self":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/4281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/comments?post=4281"}],"version-history":[{"count":1,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/4281\/revisions"}],"predecessor-version":[{"id":4282,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/4281\/revisions\/4282"}],"wp:attachment":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/media?parent=4281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/categories?post=4281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/tags?post=4281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}