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PPI refunds: Cost of renting could increase by £1bn this year

The cost of renting could increase by £1.1 billion this year, making tenants an average of £550 worse off.

That is according to research by consumer website money.co.uk, almost half of the landlords in the UK plan to up their prices by at least four per cent.

Hannah Maundrell, head of content at the website, said: "The mortgage market has still not really opened up so many people who want to buy have no option but to keep renting.

"Unfortunately for them, simple supply and demand economics means that this pushes up the cost."

She claims that people who are concerned about the increase in rental prices should look at their contract and their rights as tenants, as rent prices are not necessarily "a foregone conclusion".

This may come as a blow to many tenants as it follows the news that inflation has increased as well as the VAT hike that came into effect on January 4th.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.
 ADNFCR-2776-ID-800371409-ADNFCR



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